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City National Bank

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BUSINESS
April 25, 2012 | By Walter Hamilton, Los Angeles Times
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.
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BUSINESS
September 30, 2013 | By E. Scott Reckard
City National Corp.'s 90-year-old chairman, Bram Goldsmith, is stepping down from that role at the Los Angeles financial firm, the parent company of City National Bank. His son, Russell, will take the chairman's title as of Tuesday “to ensure continuity,” City National said in a press release. Russell Goldsmith already is chairman and chief executive of City National Bank and has been the CEO of City National Corp. since 1995. "I wanted to enjoy the pleasure of handing this over to Russell.
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BUSINESS
February 25, 2005 | Josh Friedman, Times Staff Writer
Beverly Hills-based City National Bank said Thursday that it would pay a $750,000 fine to settle an investigation by federal regulators into its compliance with money-laundering laws. The City National Corp. subsidiary, which caters to businesses and wealthy individuals, disclosed in January that it was in talks with regulators over its practices related to the Bank Secrecy Act.
BUSINESS
September 5, 2013 | By Roger Vincent
Los Angeles commercial landlord Thomas Properties Group Inc., which revived downtown's massive City National Plaza, is fading from the local landscape. The company has agreed to be sold to Parkway Properties Group Inc., a real estate investment trust based in Orlando, Fla., for $294 million in stock. The deal, which the two companies value at about $1.2 billion after including the value of debt and other costs, will give Parkway two properties in Houston and five in Austin, Texas.
BUSINESS
September 25, 1998 | Bloomberg News
City National Bank said it agreed to buy San Diego-based North American Trust Co. from its parent, London Pacific Group, for $11.5 million cash. The bank, a subsidiary of Beverly Hills-based City National Corp., will merge the trust company into its own trust and investments division. The combined unit would manage $14.2 billion in assets. The transaction is expected to close before Dec. 31, pending regulatory approval. Shares of City National fell $1.19 to close at $31.
BUSINESS
May 18, 1988 | James S. Granelli, Times staff writer
City National Bank, the state's ninth-largest bank, has reopened its county escrow service department in its Newport Beach regional office after a 10-year hiatus. Unlike many larger banks that are curtailing escrow activities, City National is aggressively seeking more escrow business, said Karen Golberg, a bank spokeswoman. Last year, the escrow business generated $3 million in fees, about 1% of the bank's gross income.
BUSINESS
November 21, 1992 | JAMES BATES, TIMES STAFF WRITER
For years, City National Bank has been known as the bank to the stars. Frank Sinatra went there in 1963 for the $240,000 ransom demanded by his son's kidnapers. Business managers deposit the earnings of some of Hollywood's biggest names there. Its customers have included Steven Spielberg, Kirk Douglas and the Marx Brothers. The chief executive's son even runs a production company, Republic Pictures. Lately, however, City National has been a falling star.
BUSINESS
August 5, 2012 | E. Scott Reckard
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.
BUSINESS
January 2, 2009 | Ralph Vartabedian
Can a $400-million injection of federal bailout money to the "bank to the stars" in Beverly Hills really help revive the troubled U.S. economy? That's one of the questions the Treasury Department's inspector general is asking in a review of the decision to award bailout funds to City National Bank, The Times has learned. The inspector general's examination of the funding for City National reflects growing concern in Washington about whether the banking bailout is working.
BUSINESS
May 6, 2009 | Tom Petruno
The parent of City National Bank on Tuesday added its name to the list of financial companies that want to exit the industry's strained partnership with Uncle Sam. Beverly Hills-based City National Corp. said it raised about $100 million by selling new shares to investors, and intended to put the money toward repayment of $400 million in government capital it received in November. "We'd like to repay the whole thing," said Russell Goldsmith, the company's chief executive.
BUSINESS
July 18, 2013 | By E. Scott Reckard
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?
BUSINESS
August 5, 2012 | E. Scott Reckard
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.
BUSINESS
April 25, 2012 | By Walter Hamilton, Los Angeles Times
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.
BUSINESS
December 6, 2011 | By E. Scott Reckard, Los Angeles Times
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.
BUSINESS
January 21, 2011 | By E. Scott Reckard, Los Angeles Times
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.
BUSINESS
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.
BUSINESS
November 20, 2003 | Debora Vrana, Times Staff Writer
The Bank to the Stars is heading downtown. City National Bank, headquartered in Beverly Hills, is expected to announce today that it will lease 310,000 square feet of space in Arco Plaza. It will be the largest lease deal in downtown Los Angeles this year and the latest sign that the central business district's commercial real estate market is recovering.
BUSINESS
September 9, 2010 | By E. Scott Reckard, Los Angeles Times
A Southern California financial services veteran is launching a fresh bank-buying spree, adding to a wave of private money flooding into California community banks despite the state's high unemployment and depressed real estate. Stephen H. Gordon, who founded Irvine-based Commercial Capital Bancorp in 1998 and sold it to Washington Mutual Inc. for nearly $1 billion in cash in 2006, heads an investment group that agreed this week to pump $460 million into Bay Cities National Bank, a five-branch Redondo Beach institution in need of capital.
BUSINESS
May 8, 2010 | By Nathan Olivarez-Giles
Los Angeles-based City National Bank, the largest bank headquartered in Southern California, got a little bigger late Friday by acquiring a failed San Diego financial institution immediately after it was seized by federal regulators. Under a deal with the Federal Deposit Insurance Corp., City National agreed to assume all $250 million of deposits of the local customers of 1st Pacific Bank of California. 1st Pacific's six branches will reopen Monday and continue to operate under 1st Pacific's name until they are rechristened as City National Bank offices in the next few months, said City National spokesman Cary Walker.
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