The accounts left from a defunct Texas trust company were sold to two institutions by the Texas government last week.
Charter Bancshares, Houston, and Lincoln Trust Co., Denver, will buy the accounts of Providence Trust Co., which was closed by the Texas Bank Commissioner in August. Providence had 11,000 customer accounts with a total of $365 million in assets.
Charter will buy about $62 million in managed assets from Providence's Houston branch. According to Jonathan S. Finger, senior vice president of $707 million-asset Charter, the purchase serves Charter's goal of expanding its asset management business.
"We intend to retain the current employees of Providence and intend to expand our position in this important market," Mr. Finger said.
Lincoln Trust, the largest privately owned trust company in the United States, will buy the bulk of Providence's business, totaling $303 million in managed assets at Providence's Amarillo, Dallas, and Mission Hills, Calif., branches.
Bob Beriault, president of Lincoln Trust, said the purchase is one in a string of such deals.
"Lincoln has been successful over the past several years in growing its customer base through several similar acquisitions," he said.