NBD Bancorp said it has acquired First Fidelity Bancorp.'s trust bank in Boca Raton, Fla.
The Detroit bank company said it plans to merge First Fidelity Trust-Florida into NBD Trust Co. of Florida, bringing the unit's assets under management to about $441 million.
A year ago, Detroit-based NBD Trust had $239 million under management. It has benefited from its parent's purchase of First Venice Savings and Loan Association, a failed Florida thrift, last year.
Lacking a Fit
First Fidelity Florida has about $84 million of aggregate trust assets under management.
"It's not a strategic fit for us," said Paul Levine, a First Fidelity spokesman. "When NBD expressed interest in it, we agreed to sell it."
He said the New Jersey bank company has owned the Florida operation about 10 years.
The companies did not disclose the purchase price.