The Republican lawsuit targets reinsurance that helps insurance companies provide universal coverage without accounting for pre-existing conditions.
INDIANAPOLIS (June 25, 2014) – OneAmerica® and City National Bank announced today that they have entered into an agreement whereby OneAmerica will acquire City National Bank’s San Diego-based retirement services recordkeeping business. Terms of the agreement were not disclosed.
The transaction is expected to close later this year. At that time, the business will adopt the name OneAmerica Retirement Services LLC. OneAmerica will continue business operations from the current San Diego location and clients will continue to work with their current service team. OneAmerica and City National Bank will also enter into a strategic alliance whereby City National will distribute OneAmerica retirement products and provide directed trustee services to select OneAmerica retirement customers.
“The acquisition of City National Bank’s San Diego retirement services operation will significantly expand and enhance our operations and client service capabilities. This strategic alliance will assist us in our continued growth plans by bringing new participants and plans into the retirement services portfolio of OneAmerica,” said Scott Davison, president and chief executive officer of the companies of OneAmerica.
“OneAmerica is a respected, vibrant and financially strong organization,” said Rich Gershen, executive vice president of wealth management services at City National Bank. “The alliance with OneAmerica will serve our clients well as their needs and the industry continue to evolve.”
City National’s retirement business manages more than 240 plans with 40,000 participants and has $6.5 billion in assets under administration. OneAmerica’s retirement services businesses serve more than 10,000 plans with 680,000 participants and have more than $24 billion in retirement assets.
“City National Bank is one of the pioneers in individually directed accounts (IDAs). This expertise, along with their focus on outstanding service to some of the country’s largest and most prestigious professional service firms, will allow the companies of OneAmerica to offer more comprehensive programs that will continue to distinguish us in the marketplace,” said Bill Yoerger, president, retirement services division of the companies of OneAmerica. “Together, we will provide exceptional retirement services for our clients.”
The transaction is not expected to have a material impact on City National’s financial results.