Bank of America Corp. has sold a corporate debt trustee business to Wilmington Trust Corp.
Wilmington Trust said Thursday that its corporate client services business is handling the accounts, which Bank of America had obtained through its 2007 purchase of LaSalle Bank in Chicago. BofA retained ownership of LaSalle's securitization trustee business, Wilmington Trust said.
A source close to Bank of America said account holders were notified early last year that the company was exiting the business.
Neither company disclosed the price, though Wilmington Trust said the transaction would "be immaterial" to its 2009 earnings. A spokeswoman for Bank of America called the business "a very small product area" for the $1.81 trillion-asset Charlotte company. She would not comment further.