LAS VEGAS, May 30, 2008 (PRIME NEWSWIRE) - City National Bank has reached a significant milestone in the history of its brand in Nevada. It was a year ago this week that City National introduced its name and brand to Nevadans as part of its acquisition of Business Bank of Nevada earlier last year. The name of the bank, including signage on all of its facilities, was unveiled a year ago at several statewide ceremonies marking the beginning of what has very quickly become a household name in the banking industry in Nevada. (For an image related to this story, go to http://cnb.com/images/release-20080529-2.jpg)
In addition to the brand rollout, City National also introduced a wide array of new products and services to clients and the marketplace that had not been offered previously. A number of those new resources included increased lending capacity, private banking and wealth management services, international banking, treasury and cash management services, equipment leasing, and much more.
"This past year has been a rewarding one," said John Guedry, executive vice president and Nevada region manager of City National Bank. "We're able to provide our clients so much more than ever before. We literally can provide them with all of the large bank resources, but with the community bank commitment of personalized service. We truly now offer our clients the best of both worlds."
As part of the brand rollout a year ago, the bank opened a new full-service branch in the Hughes Center business complex in southern Nevada. This facility, located at 3883 Howard Hughes Parkway, also began offering foreign exchange services shortly after it opened for business. A few months later the bank expanded its foreign exchange services to northern Nevada.
In November last year, the bank opened another new full-service branch and new regional banking center in the Summerlin area of northwest Las Vegas. This facility, located at 10801 W.
Charleston Boulevard houses a number of other areas of the bank including private banking and wealth management services, executive offices, bank operations, corporate and commercial real estate lending centers, and more. This facility is part of the Summerlin Centre development that The Howard Hughes Corporation is developing along the western rim of the Las Vegas Valley. (For an image, go to http://www.cnb.com/images/photos/summerlin-center.jpg.)
Last year, the bank also hired approximately 12 new colleagues in the branch, commercial lending and wealth management areas in both southern and northern Nevada. Some of these new hires resulted in the opening of a new loan production office (LPO) in Reno, along with private banking and wealth management offices in Las Vegas and Reno.
"Given today's challenging economic times, it's very comforting to know that we have more to rely on for our revenue stream than just interest on loans," Guedry added. "The financial impact on us has not been as great as it would have been had we remained a small community bank. Our credit underwriting standards remain strong and we do have money to lend to qualified borrowers for all types of loan requests."
Guedry added that while there are certainly many challenges facing the banking industry right now, there are also some real bright spots for well-run banks that steered clear of the subprime mess as City National did. The bank has made some strong inroads with the gaming industry, as well as with businesses that need letters of credit for both import and export.
The bank is currently working on a $14 million deal for letters of credit for a Nevada company that wants to export scrap metal to Vietnam. Since opening its wealth management offices in southern and northern Nevada near the end of last year, the bank has booked approximately $50 million in managed assets, with another $50 million expected to book before the end of this year.
"Perhaps the real key to our success has been managing and cross-selling existing client relationships. Staying close to our clients and understanding their needs, especially during these difficult times, is what's helping us better understand market conditions and how to respond to the needs of every client both short and long term," Guedry said.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $15.9 billion in total assets, and provides banking, investment and trust services through 62 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. The company and its eight majority-owned investment affiliates manage or administer nearly $56 billion in client investment assets, including $35.9 billion under direct management.
City National has nine branch offices in Nevada, including five in Las Vegas and one each in North Las Vegas, Reno, Carson City and Minden. The bank also has loan production offices in Reno and Stateline in South Lake Tahoe.
For more information about City National, visit the company's Website at cnb.com.
The City National Bank logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3143
City National Bank
Paul C. Stowell