BANKING & FINANCE

From Times Staff and Wire Reports

Bank of New York Buys Meridian Accounts: The company said it signed a definitive agreement to purchase the corporate trust business of San Francisco-based Meridian Trust Co. of California. The portfolio represents securities with $2.4 billion in principal issued by more than 300 local municipalities and government agencies in Northern California. The accounts will be transferred to Bank of New York Trust Co. of California, which is based in Los Angeles.

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