THE BANK OF SAN DIEGO REACHES AGREEMENT TO SELL NORTH AMERICAN TRUST CO.
SAN DIEGO, May 10 /PRNewswire/ -- BSD Bancorp (AMEX: BSD) announced today that its subsidiary, The Bank of San Diego, has signed a letter of agreement to sell North American Trust Co., an independent trust company chartered by the state of California. North American Trust currently administers more than $1.2 billion in assets, principally for employee-benefit plans. "There have been a number of parties interested in North American Trust, which is highly gratifying," said Frank J. Mercardante, president and CEO of BSD Bancorp and The Bank of San Diego. "It is always difficult to part with a profitable business portfolio, but this sale will enhance the capital position of the bank." The purchaser and the terms of the agreement will be disclosed when a definitive agreement is signed, which is expected within weeks. The transaction is expected to close this summer. North American Trust was formed in 1988 when the trust department of The Bank of San Diego was purchased by BSD Bancorp. In December 1992, North American Trust stock was contributed to The Bank of San Diego. It currently employs 50 people. BSD Bancorp is a diversified holding company serving the banking and trust markets predominately in Southern California. -0- 5/10/93 /CONTACT: Frank Mercardante, president and CEO of BSD Bancorp, 619-237-5476/ (BSD)
CO: BSD Bancorp; North American Trust Co. ST: California IN: FIN SU:
MS-JB -- SD006 -- 6745 05/10/93 19:11 EDT
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|Date:||May 10, 1993|
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