On February 4, 2019, First Mercantile Trust Company announced that it had entered into an agreement to acquire American Trust Retirement from American Trust & Savings Bank.
Under the terms of the agreement, First Mercantile Trust Company (“First Mercantile”) will acquire American Trust Retirement from American Trust & Savings Bank. After the closing, American Trust Retirement will become a division of First Mercantile, and will maintain its current office, operations and personnel. Further terms of the deal were not disclosed and the transaction is subject to customary consents and regulatory approvals.
American Trust Retirement is a full-service retirement solutions provider that works with financial intermediary partners to provide plan design, fiduciary oversight, discretionary trust services, and technology to the small and mid-sized market. Sandler O’Neill + Partners L.P. served as financial advisor to American Trust & Savings Bank in its sale of American Trust Retirement.
First Mercantile is a subsidiary of EdgeCo Holdings, Inc., a provider of technology solutions for financial intermediaries and their clients. Its technology and support services include retirement plan administration, brokerage, advisory, and trust and custody services. It services approximately $100 billion in client assets under administration or custody.
To read the press release: please click here.