Public Agency Retirement Services Welcomes U.S. Bank as the New PARS TrusteeCategories: PARS In the News
September 4, 2012 – PARS is pleased to announce an exciting expansion of our company’s relationship with U.S. Bank. U.S. Bank is now Trustee and/or custodian to PARS’ retirement plans. Earlier this year, U.S. Bank entered into an agreement to purchase the client accounts from the Retirement Services Division of Union Bank, which included most of the PARS trusts and retirement plans, and over Labor Day weekend, PARS made a full operational transition of its systems to U.S. Bank’s systems.
Prior to transition and continuing today, PARS also has had an existing relationship with U.S. Bank as trustee to one of our OPEB trust programs. Based on our experience working with U.S. Bank, we are confident that U.S. Bank will build upon the high quality of services that our clients received in the past from Union Bank.
U.S. Bank is one of the world’s leading providers of trust and custody services and is the 5th largest commercial bank in the United States. We strongly believe that this transition of the PARS Trustee to a larger, higher rated and more recognizable bank will enable PARS to accommodate continuing growth and greater economies of scale for our PARS agencies.