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City National Bank opens second New York branch

Los Angeles-based City National Bank has deep roots in the entertainment industry and already provides financial services to about one-third of the shows on Broadway.

January 12, 2011|By E. Scott Reckard, Los Angeles Times

Los Angeles-based City National Bank, known for its Hollywood ties, has become a fixture on Broadway as well, providing financial services to about one-third of the shows on the Great White Way.

The City National Corp. unit said Tuesday that it had opened a branch on New York's Times Square to serve Broadway businesspeople and other clients of the bank who live or do business in New York.

It is City National's second New York branch. The bank, whose private banking business caters to wealthy clients, opened an office on Park Avenue in 2002.

Martha Henderson, who heads City National's entertainment and New York operations, said in an announcement that many of the bank's California-based clients do business on both coasts.

The Times Square office also will focus on New York-based entrepreneurs, attorneys, accountants, business managers and other professionals, she said.

Broadway shows for which City National provides banking services include "The Merchant of Venice," "Driving Miss Daisy" and "Mamma Mia!"

The bank, founded in 1953 in Beverly Hills, has grown to more than $21 billion in assets and $18 billion in deposits, making 14 acquisitions of other banks along the way. It has more than $1 billion each in deposits and loans in New York, it said.

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