Chase Manhattan Corp. has opened shop in Birmingham, Ala., where it will manage the corporate trust business it recently acquired from Compass Bancshares.
The $340 billion-asset New York bank has one of the nation's largest corporate trust businesses, with $1.4 trillion of assets under administration for municipalities and corporations.
Opening satellite offices is not uncommon, said a spokeswoman. The bank maintains offices in Texas and California to accommodate corporate trust services in those markets, she said.
The business acquired from Compass represents 350 accounts, the bank said. Chase also hired five Compass employees to run the Alabama office. Roger LaCharite will lead the effort as vice president and business manager.