Alliance National Bank, a subsidiary of Alliance Financial Corp. in Syracuse, N.Y., announced Tuesday that it has completed the purchase of a part of the personal trust business of HSBC USA.
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The transaction brought Alliance Bank more than $800 million of assets under management and is expected to be immediately accretive to the bank's earnings.
To serve the acquired trust accounts, Alliance hired 13 Buffalo-based employees of HSBC's trust administration center and has opened its own center in that city.
The new Trust Administration Center, though locally managed, will be under the direction of the bank's Syracuse-based trust and investment department.
