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.
September 9, 2010 |
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.
May 8, 2010 |
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.