Pacific LifeCorp, parent company of Pacific Life Insurance Co., will buy College Savings Bank of Princeton, N.J. The purchase will enable Pacific Life to offer section 529 college savings plans.

"We plan to offer various investment services including mutual funds and College Savings Bank’s CollegeSure CD, as well as serve the needs of state-sponsored 529 programs," said Pacific Life CFO Khanh Tran, in a statement.

College Savings Bank was founded in 1987 and has assets of $308 million. Pacific Life was founded in 1868 and has $335 billion in assets under management.

Completion of the purchase is subject to regulatory approvals. Terms were not disclosed.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.