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Northern Trust Corp. completed the purchase Monday of $4 billion in California trust assets from Trust Services of America, a subsidiary of CalFed Inc., after a two-month delay caused by questions from bank regulators. Some $2 billion in employee-benefit assets under administration by Trust Services were eliminated from the originally announced transaction and the price lowered to $47.5 million from $65 million to accommodate concerns of California bank regulators, a Northern spokeswoman said. Northern expects to proceed later this week with a stock offering to finance the transaction.
