January 23, 2009 |
City National Corp. of Beverly Hills on Thursday joined the slew of banks reporting disappointing earnings, saying its fourth-quarter profit tumbled 86%. The company joined another growing list of banks as well -- by slashing its dividend: The quarterly payout now will be 25 cents a share, down from 48 cents. The largest bank based in Los Angeles County said it earned $6.5 million, or 13 cents a share, in the latest quarter, compared with net income of $46.9 million, or 96 cents, a year earlier.
July 19, 2007 |
Washington Mutual Inc., the nation's largest savings and loan, Wednesday posted an 8% increase in second-quarter earnings and said it would quit making certain risky loans to borrowers with blotchy credit. City National Corp. of Beverly Hills, the largest commercial bank based in Southern California, said profit rose 1%. Pasadena's East West Bancorp, the second-largest Southland bank, beat expectations with a 10% gain. But Downey Financial Corp., a Newport Beach S&L, said net income slid 32%.
March 28, 2007 |
City National Corp. said Tuesday that it would acquire Lydian Wealth Management, a Rockville, Md.-based company that handles investments for the very wealthy. Beverly Hills-based City National didn't disclose terms of the transaction but said it expected the all-cash deal would close in the second quarter of 2007. The bank said the acquisition would dilute its per-share earnings slightly this year and add to them thereafter. Shares of City National sank $1.34 to $74.05.
November 2, 2006 |
City National Corp. said Wednesday that it would buy Business Bank Corp. of Nevada in a $161 million cash-and-stock deal that would be the first out-of-state acquisition for the Beverly Hills bank. City National Chief Executive Russell Goldsmith said the management team and most of the employees at the Nevada bank would stay on.
June 23, 2006 |
City National Corp., the Beverly Hills-based parent of City National Bank, cut its full-year profit forecast for the second time in nine weeks Thursday, citing a lower-than-expected increase in net interest income as funding costs increase. The news was announced after the close of regular trading, in which City National shares slipped 31 cents to $71.96. The shares tumbled 89 cents after hours. City National said it expected 2006 earnings per share would rise 1% to 4% from a year earlier.
April 20, 2006 |
City National Corp. on Wednesday reported weaker-than-expected earnings for the first quarter and cut its profit forecast for the year, saying a slowdown in real estate had depressed the amount of funds deposited in escrow and title accounts. The Beverly Hills-based bank earned $57.2 million, or $1.12 a share, up 3% from $55.5 million, or $1.09, a year earlier. Revenue totaled $207 million, up 5% from $197 million. Wall Street had expected earnings of $1.21 a share.