Bank of New York Co. said Monday it purchased the corporate trust business of the former Mark Twain Bancshares for an undisclosed sum.
The transaction brings Bank of New York an additional 900 bond trustee and agency relationships, mainly in Missouri. Mark Twain is based in St. Louis. Bank of New York, which has $60 billion of assets, said it already services 60,000 issues for corporations and municipalities throughout the United States.
The deal represents Bank of New York's 20th corporate trust acquisition since 1993 and its third in the Midwest since last year.
The unit will be managed from St. Louis through an affiliate, BNY Trust Co. of Missouri, Bank of New York said. Mark Twain Bancshares, with $3.1 billion of assets, was acquired by $30 billion-asset Mercantile Bancshares, St. Louis, last April. -Liz Moyer