Indianapolis-based OneAmerica Financial Partners Inc. has completed the acquisition of the retirement services recordkeeping business of California-based City National Bank. OneAmerica Chief Executive Officer Scott Davison says the deal bolsters the company's “leading position” in the market. September 2, 2014
INDIANAPOLIS, Ind. – OneAmerica has completed the acquisition of City National Bank's retirement services recordkeeping business. Business operations will remain in San Diego. Terms of the agreement, announced in June, were not disclosed.
“We're excited to add City National Bank's retirement business to our leading position in the retirement plan market,” said Scott Davison, president and chief executive officer of the companies of OneAmerica. “The unique market niche and service capabilities of the City National Bank retirement team will add to our broad portfolio of retirement plan offerings and enable us to take our strong growth story to the next level. We look forward to serving our newest clients.”
The acquisition follows 13 percent year-over-year sales growth (as of midyear) by the retirement services division of the companies of OneAmerica and four consecutive years of record-breaking results for the enterprise. Combined, OneAmerica's retirement services businesses now serve over 11,000 plans with more than 600,000 participants and hold more than $30 billion in defined contribution retirement assets under administration.
“The addition of City National Bank's retirement business to OneAmerica Retirement Services along with double-digit sales growth in the first half of the year are strong indicators of where we are headed,” said Bill Yoerger, president, retirement services division of the companies of OneAmerica. “This business combination has built a wave of momentum for this year and beyond.”
“These two companies create a combined legacy of customer service that is unmatched in the marketplace,” said Tom McNair. McNair served as senior vice president of City National Bank retirement services and will continue to lead the San Diego operation at OneAmerica.
“Combining with OneAmerica expands our reach, enhances our capabilities and will enable us to offer our exceptional retirement programs to even more clients.”
Headquartered in Indianapolis, Ind., OneAmerica Financial Partners, Inc., can trace its solid foundations back more than 135 years in the financial services marketplace.
OneAmerica's nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other customers. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefit plan products. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.
The products of the OneAmerica companies are distributed through a nationwide network of employees, agents, brokers and other distribution sources that are committed to increasing value to policyholders by helping them prepare to meet their financial goals.
Visit the OneAmerica Newsroom or follow @OneAmericaNews on Twitter for more information.
Source: OneAmerica Financial Partners Inc.