In Brief: Chase Buys Trust Units from 1st Tenn.

October 20, 2000, 1:00 a.m. EDT 1 Min Read

NEW YORK Chase Manhattan Bank has bought First Tennessee Banks corporate and municipal trust business.

The price was not disclosed. Chases institutional trust division, Chase Capital Markets Fiduciary Services, will administer trust accounts from the Memphis-based bank.

The division has made several major acquisitions in recent years.

It bought Fuji Bank and Trust Co. in September; PNC Financial Corp.s trust business in 1998; and the corporate trust and agency businesses of Compass Bancshares of Birmingham, Ala., and Mellon Bank of Pittsburgh in 1997.

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