LOS ANGELES, Apr 26, 2006 (BUSINESS WIRE) - City National Corporation's board of directors todayauthorized the company to repurchase 1.5 million additional sharesfollowing completion of its previously approved stock buybackinitiative.
The board also declared a quarterly common stock cash dividend of$0.41 per share, payable on May 24, 2006, to stockholders of record onMay 10, 2006.
"During the last 11 years, City National has repurchased 11million shares," said President and Chief Executive Officer RussellGoldsmith. "This continuing stock buyback program, coupled with a cashdividend that has increased 530 percent since 1995, reflects ourcompany's strong commitment to effective capital management andenhancing shareholder value."
Shares will be repurchased from time to time in open markettransactions, and are expected to be used for employee stock options,possible future acquisitions and other general purposes. On March 31,2006, City National had 826,230 treasury shares.
About City National
City National Corporation (NYSE: CYN) is a financial servicescompany with $14.7 billion in total assets. Its wholly ownedsubsidiary, City National Bank, is California's Premier Private andBusiness Bank(R). It provides banking, investment and trust servicesthrough 55 offices, including 12 full-service regional centers, inSouthern California, the San Francisco Bay Area and New York City. Thecompany and its affiliates manage or administer more than $40 billionin client trust and investment assets, including more than $19 billionunder direct management. The pending acquisition of IndependenceInvestment LLC is expected to increase City National's assets undermanagement or administration to more than $47 billion, on a pro formabasis.
SOURCE: City National Corporation
City National Corporation
Christopher J. Carey, 310-888-6777 (Financial/Investors)
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