July 18, 2013 |
City National Corp.'s second-quarter earnings rose 9%, making the L.A.-based private bank and business lender the latest California bank to exceed Wall Street's expectations. The parent of City National Bank said Thursday that it posted a profit of $59.7 million, or $1.04 a share, compared with $54.8 million, or $1.01, in the same quarter last year. The average estimate of analysts as calculated by Thompson Financial Network was for earnings of just 96 cents a share. It was the bank's 81st consecutive profitable quarter, said Chief Executive Russell Goldsmith, noting that assets, deposits and wealth-management fees all grew at a double-digit pace. Quiz: How much do you know about home loans?
August 5, 2012 |
He's the ultimate insider at the ultimate insider's bank, the place Frank Sinatra turned to for ransom money when his son Frank Jr. was kidnapped. Michael Jackson partied in his vault. Bram Goldsmith, 89, has seen it all at City National Bank. The son-in-law of one of the founders, he took the reins of the "bank to the stars" in the mid-1970s and remains chairman of the parent company to this day. Launched in 1954, City National's 58-year run stands out in an industry where small banks tend to get gobbled by larger rivals.
April 25, 2012 |
City National Bank is buying its second company in three days, acquiring a New York investment firm in an expansion of the bank's growing wealth-management business. The Los Angeles bank is expected to announce Wednesday that it is purchasing privately held Rochdale Investment Management, according to people familiar with the deal. Rochdale manages nearly $5 billion for high net worth investors; the deal would push the total assets that City National oversees to more than $60 billion.
December 6, 2011 |
City National Bank is southbound — again. The Los Angeles private and business bank, with long-standing ties to Hollywood and 20% of its profit from the entertainment industry, has opened an office in Atlanta. Atlanta has become a hub for Christian music and for other entertainers, with actor-entrepreneur Tyler Perry and rappers Sean Combs and Ludacris among those calling it home. Georgia also has tax incentives that have drawn movie and TV crews south, said Martha Henderson, City National's executive vice president for entertainment.
January 21, 2011 |
Declaring that it is now stronger than before the recession, Los Angeles-based City National Corp. reported 37% higher fourth-quarter earnings, even after two large one-time charges, and doubled its dividend to shareholders. The parent of City National Bank said after the close of trading Thursday that it earned $39.7 million, or 74 cents a share, up from $29.1 million, or 38 cents, in the final quarter of 2009. Excluding the two one-time charges, fourth-quarter net income totaled $47.1 million, or 88 cents a share, the bank said.
January 12, 2011 |
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.