Trust Updates Archive
(April 4, 2008--Chicago, IL)--Though controversy continues to surround JPMorgan Chase's proposed acquisition of nearly 40 percent of the Bear Stearns Companies, the Federal Reserve has approved Chase's purchase of Custodial Trust Company (Princeton, NJ), a Bear Stearns subsidiary.
The Fed's April 1 approval makes no mention of Custodial Trust, but rather refers to the subsidiary as Bear Stearns Bank & Trust (BSBT). The FDIC confirms that on March 4, Custodial Trust changed its name to BSBT. Chase's proposed purchase of the Bear Stearns Cos. was announced on March 24 and does not require Fed approval.
In 2007, Custodial Trust was ranked the nation's 37th largest fiduciaries institution, according to Trust Performance Report.
The acquisition will boast Chase's fiduciary assets by nearly $84 billion, of which more than 90 percent is held in custody accounts. The remaining $8 billion in fiduciary assets are in held in non-managed employee benefit accounts.
For more on this topic, see Trust Regulatory News.
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