Bank of New York has signed a deal to buy the corporate and municipal bond administration business of One Valley Bank, Charleston, W.Va.
Terms of the transaction were not disclosed, but it is expected to be completed by Sept. 30 and add to earnings immediately, the bank said Thursday.
The deal involves the transfer to Bank of New York of about 100 bond trustee and agency relationships representing about $1.4 billion in outstanding securities for municipalities and corporations located primarily in West Virginia.
The bank has made 16 corporate trust acquisitions in the past four years. The One Valley deal follows regional acquisitions including portfolios in Virginia and Maryland.
"We look forward to providing these new customers with the bank's unique combination of technology-based products and highly responsive relationship management services," said Thomas A. Renyi, president and chief executive officer of Bank of New York .