MINNEAPOLIS - First Bank System Inc. said it had completed its acquisition of the San Francisco corporate trust business of Bankers Trust Company of California, an affiliate of Bankers Trust New York Corp.
First Bank installed Lisa M. Hammond as president and chief executive officer. Ms. Hammond was vice president in corporate finance and corporate trust operations since 1986 at a First Bank Trust subsidiary in St. Paul, Minn.
The acquired business, to be known as First Trust California, provides trust services for about 1,300 municipal revenue, program administration, housing, and corporate bond indenture trusteeships representing $24 billion in principal outstanding. It is based in San Francisco and will open an office in Los Angeles in August.