LOS ANGELES – City National Corporation, the parent company of City National Bank, today announced plans for City National Bank to acquire a San Jose branch owned by Westamerica Bank.
The fully operational 7,245-square-foot branch, located at 224 Airport Parkway in San Jose, became part of Westamerica in February 2009 when it purchased County Bank's assets from the Federal Deposit Insurance Corporation.
City National will acquire the branch's deposits and a portion of its loan portfolio. The branch, which opened in 2007, currently serves professionals, professional services firms and small businesses, and provides specialty banking services to homeowners associations.
“This acquisition will expand City National's ability to serve San Jose, the Silicon Valley and the Bay Area,” said Robert Brant, executive vice president and Northern California regional executive. “We look forward to bringing greater banking and asset management capabilities to the community's entrepreneurs, professionals, investors and small to mid-sized businesses.”
When the acquisition is completed, it will give City National a total of 64 banking offices, including nine in Northern California. The bank operates regional banking centers in Oakland, Palo Alto, San Francisco and Walnut Creek. It also has branches in Burlingame, Fremont and San Leandro, with a second office in downtown San Francisco.
City National's acquisition is expected to close in the fourth quarter of 2009, subject to regulatory approval.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE: CYN). Headquartered in Los Angeles, the company is backed by $17.7 billion in total assets, and provides banking, investment and trust services through 63 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. City National and its eight majority-owned investment affiliates manage or administer $47.8 billion in client investment assets, including more than $30 billion under direct management.
For more information about City National, visit the company's Website at cnb.com.