National Automotive Dealers Association , McLean, Va., hired FBR...

National Automotive Dealers Association, McLean, Va., hired FBR National Bank & Trust as master custodian and trustee for its $2.6 billion retirement trust. The NADA trust had used FBR in conjunction with SunTrust and plan officials decided to consolidate, enabling the association to offer daily valuation of sponsor-directed investments in the defined contribution plans sponsored by NADA members and speed electronic transmission of deposits, said Robert Peden, executive director. FBR is a subsidiary of Friedman, Billings, Ramsey Group.