SAN FRANCISCO Union Bank of California has agreed to buy Copper Mountain Trust Corp., an Oregon-based provider of business trust, custody, and high-net-worth services.
The price of the deal, which is expected to close by January, was not disclosed.
Union Bank of California the principal subsidiary of Unionbancal Corp., which is mostly owned by Bank of Tokyo-Mitsubishi said the acquisition would expand its custody and trust share in the Pacific Northwest and Alaska. The $33.7 billion-asset banking company has six banking offices in Oregon and Washington.
Copper Mountain Trust oversees about $6 billion of assets, and buying it would increase Union Banks trust assets to $138 billion, including custody assets.
Copper Mountain has 70 employees and five offices in Oregon and Washington, and also has clients in Idaho, Alaska, and Northern California.
Unionbancal is in the midst of a business-line review that it plans to present to the board this month.
Piet Westerbeek, division head for the companys institutional services and asset management, said the deal underscores our commitment to growing and servicing this business.