Spotlight: City National Bank to Buy North American Trust

City National Bank said it agreed to buy San Diego-based North American Trust Co. from its parent, London Pacific Group, for $11.5 million cash. The bank, a subsidiary of Beverly Hills-based City National Corp., will merge the trust company into its own trust and investments division. The combined unit would manage $14.2 billion in assets. The transaction is expected to close before Dec. 31, pending regulatory approval. Shares of City National fell $1.19 to close at $31.81 on the New York Stock Exchange.