BANKING
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Asset Account Purchase: The Newport Beach office of Northern Trust Bank of California more than doubled its staff and quintupled its business with the company’s $47.5-million purchase of the asset management accounts at California Federal Bank’s trust subsidiary.
The local branch, one of five Northern Trust offices in the state, added 15 employees to the 13-member staff at its Newport Center operation.
It also added $650 million in trust accounts, giving the local office $800 million in accounts and making it the company’s second-largest branch, behind Los Angeles.
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