U.S. Trust to Buy Investment Firm
U.S. Trust Corp. said it will acquire an investment advisory firm as part of its push into the nation's wealthiest private banking and trust markets.
New York-based U.S. Trust agreed to buy Dalefield, Harvey, Tabell of Princeton, N.J., which has $535 million in assets under management. The banking company is to pay about $9 million in stock.
Pending regulatory approval, the deal will let U.S. Trust start a full-service trust company serving New Jersey and Pennsylvania.
A closing is expected by yearend. U.S. Trust will add trust, fiduciary, and private banking services to Delafield Harvey's investment business.
"We think Princeton is a dynamic and growing area," said Jeffrey Maurer, president of U.S. Trust.
He added that U.S. Trust, a $3 billion banking company with $20 billion in assets under management, would continue to be "opportunistic" in scouting out investment management firms or trust companies to be acquired in Connecticut and Florida.
U.S. Trust bought a failed thrift in Florida last summer, thereby gaining the power to open branches around the state.
Before that, it had expanded trust and private banking operations in California and Texas.