BSD Bancorp, the parent of Bank of...

BSD Bancorp, the parent of Bank of San Diego and several community banks, has filed for permission from the state banking department to set up a trust company.

The trust company would be separate and distinct from the trust company operated by the holding company’s largest asset, Bank of San Diego. The new trust company would principally serve BSD subsidiaries and non-affiliated banks.

BSD’s action follows a similar move earlier this year by Grossmont Bank that established a trust department to serve the bank’s clients as well as several outside banks without trust departments.