San Francisco-based Union Bank of California officially bought CNA Financial Corporation’s retirement plan trust and recordkeeping businesses, the companies announced, although terms were not immediately disclosed. The deal was first announced on May 17, but was just now completed.

CNA, which is the nation’s No. 4 commercial insurance writer and ranks No. 14 in the property and casualty businesses, announced the move in a short press release. The purchase marked the second straight month that UBOC purchased a company on the month’s second day. On July 2, the bank bought Jackson Federal Bank. UBOC reported a 21.7% increase in earnings for second quarter 2004.

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