BSD Bancorp’s wholly owned trust subsidiary, North...

BSD Bancorp’s wholly owned trust subsidiary, North American Trust Co., has taken over management of the “vast majority” of 400 employee benefit accounts representing $21 million in assets that formerly were administered by Sacramento-based First Independent Trust Co.

First Independent Trust had been placed in receivership by the State Department of Banking in May.

North American Trust has more than 7,500 accounts with more than $800 million in assets under administration. The subsidiary previously was owned by BSD’s Bank of San Diego subsidiary. The business was transferred to the holding company on March 31, 1988.