U.S. Trust Corp.'s California bank said Monday that it had agreed to buy Wood Island Associates Inc., Larkspur, Calif., an investment firm with more than $1 billion of assets under management.

The deal, which awaits regulatory approval, would bring assets managed by U.S. Trust in the San Francisco Bay Area to $1.5 billion. Kenneth F. Siebel and Peter K. Maier, principals of Wood Island, would be named managing directors.

U.S. Trust, based in New York, manages more than $67 billion of assets.

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