Berkshire Global Advisors client City National Bank has sold its retirement services recordkeeping business to OneAmerica Financial Partners

Seller Details
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE: CYN) The bank provides banking, investment and trust services through 77 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. City National’s retirement services recordkeeping business manages more than 240 plans and is one of the pioneers in individually directed accounts in the retirement plan space.

Buyer Details
OneAmerica Financial Partners, Inc., headquartered in Indianapolis, IN, has companies that can trace their solid foundations back more than 135 years in the insurance and financial services marketplace. OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services, individual life insurance, annuities, long-term care solutions and employee benefit plan products. The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources.
OneAmerica’s retirement services businesses serve more than 10,000 plans with 680,000 participants and have more than $24 billion in retirement assets.

Transaction Summary
OneAmerica and City National Bank have entered into an agreement whereby OneAmerica will acquire City National Bank’s San Diego-based retirement services recordkeeping business. The acquisition of City National Bank’s San Diego retirement services operation will significantly expand and enhance OneAmerica’s operations and client service capabilities.