PITTSBURGH - Mellon Financial Corp.'s asset management arm announced Tuesday that it has a definitive agreement to buy Trust Company of Washington.
The Seattle-based trust company also has offices in Bellevue and Tacoma. It would add $500 million of assets to the total at Mellon private asset management.
David F. Lamere, president of Mellon private asset management, said the deal, which is expected to close this quarter, would give his unit a foothold in the Pacific Northwest among high-net-worth people, families, and not-for-profit organizations.
Mellon private asset management has 20 offices nationwide. The Seattle site would be the seventh added this year. Others include Greenwich, Conn.; Boca Raton, Fla.; Denver; Greenville, Del.; and Washington, D.C.
