BANKING
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Acquisition: California Central Trust Bank in Irvine has acquired a $70-million portfolio of investments from United Mercantile Bank and Trust in Pasadena.
The acquisition of the 400 trust accounts increases California Central’s trust department assets 9% to about $845 million, said Cynthia Ellner, the bank’s president.
The bank is not a full-service commercial bank, because it doesn’t make loans. However, it handles $150 million in deposits and nearly $1 billion in fiduciary assets, most of that through its trust department.
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