Mellon Bank Corp. has agreed to buy the corporate trust business of Keystone Financial Inc. for an undisclosed amount.
Mellon, already a leader in municipal and corporate trust services, said the deal will give it another 250 accounts with $3 billion in outstanding principal.
The Pittsburgh-based banking company currently administers more than 2,200 trustee and agency accounts with total outstanding principal of over $20 billion.
"We want to be a market leader in this business," said Daryl J. Zupan, first vice president, Mellon Corporate Trust group.
Mellon expanded its market reach last year by buying the Boston Co.
More acquisitions are possible. "We are always looking," Mr. Zupan said in a telephone interview.
"It is incrementally easier to get a bigger share [of the market] through acquisition," he added.
In addition to offices in Pittsburgh and Philadelphia, Mellon is opening a Boston office that will handle corporate trust business, Mr. Zupan said.
To serve Keystone's former clients, Mellon opened an office in Harrisburg, Pa., where Keystone is based.
