Pacific LifeCorp, Pacific Life Insurance's parent company, has completed the acquisition of College Savings Bank. The specific terms of the deal were not disclosed.

"We have been waiting for final regulatory approvals since our plan to purchase College Savings Bank was announced," stated Khanh Tran, executive vice president and chief financial officer for Pacific Life. "Now that the approvals are completed, we plan to launch the Pacific Funds family of mutual funds for the 529 College Savings Plan market on August 1, 2002."

The bank is located in Princeton, New Jersey. According to the firms, it has approximately $260 million in assets. College Savings Bank offers a certificate of deposit indexed to college; it is designed to meet future tuition, fees, room and board. More information about the bank can be found at this link. 

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