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Newport Group to acquire PNC Bank's contribution plan record-keeping business

Newport Group Holdings Inc. agreed to acquire Wilmington, Del.-based PNC Bank NA's vested interest defined contribution plan record-keeping business.

Financial terms of the deal were not disclosed.

PNC Bank's record-keeping business, which provides services to plans with about $17 billion of assets under administration, will be part of Newport Group upon deal closing. Employees of the record keeping business will also join Newport Group, which provides services to employers who provide retirement plans to employees.