OneAmerica is acquiring City National Bank's retirement services record-keeping business, said Scott Davison, president and CEO of OneAmerica Financial Partners.
Terms of the deal, which is expected to close in the fourth quarter, are not being disclosed at this time.
City National Bank's San Diego-based retirement services unit will become OneAmerica Retirement Services, an arm of OneAmerica's retirement services unit. OneAmerica Retirement Services will be led by Tom McNair, senior vice president at City National Bank Retirement Services, said Mr. Davison.
Mr. McNair will report to Pete Welsh, vice president of product and business strategy for OneAmerica's retirement services unit.
Additionally, OneAmerica and City National Bank will “enter into a strategic alliance whereby City National will distribute OneAmerica retirement products and provide directed trustee services to select OneAmerica retirement customers,” said a joint news release from OneAmerica and City National Bank.
OneAmerica's retirement services businesses have more than $24 billion in assets under administration and City National's retirement business has $6.5 billion in assets under administration.