LOS ANGELES--(BUSINESS WIRE)--June 12, 2000--
Expansion of Online Financial Services Cements City National Bank's Leadership Among Mid-Sized Banks for "High Touch, High Tech" Capabilities
City National Bank (NYSE:CYN) today announced it has formed City National Securities Inc., a discount brokerage company, and unveiled Online Brokerage services - the latest additions to its City National eLink(SM) system of online financial services and products. City National Securities is a wholly owned subsidiary of City National Bank.
City National Bank, the premier business and private bank headquartered in California, is rapidly deploying innovative technology to provide clients convenient and powerful Web-based access points for all their banking and investment needs. By creating City National Securities, the bank continues its tradition of providing entrepreneurs, businesses and affluent individuals a one-source, high-touch and experienced financial services center.
"City National Securities, combined with our new online services and our decades of experience in providing first-class trust and investment services, enables us to enhance our relationships with our clients and empower them with the latest tools to manage their finances," said Vernon Kozlen, Executive Vice President and Manager of City National Investments (CNI), the trust and investment division of City National Bank. Today, sophisticated investors who may have their financial relationships spread among multiple institutions, are looking for the convenience and time savings of having their investments, checking accounts, trust accounts, mortgages, retirement plans and business investments located in a single, trusted organization, Kozlen added. At City National, clients today can buy and sell stocks, review their bank account balances or investment portfolios, seek modifications to their 401(k) plan, pay their bills and review their retirement plans from their home or office computer.
"Certainly, online trading and online banking are available from many institutions. The difference at City National is that we are using the latest technologies while continuing to provide our well-known, highly personalized relationship management with our clients," Kozlen said. "City National Investments is seeing its assets and client base expand because of our superior service and expertise, as well as our demonstrated commitment to expand our products and services."
Recently, City National Investments added more research capabilities, enhanced its financial planning service and created its own family of mutual funds called "CNI Charter Funds." CNI was also one of the first bank-run investment divisions in California to offer Individually Directed Accounts (IDAs), which offer customers the flexibility to integrate unique securities and investments assets from outside of their company plan, into their retirement plan.
City National Securities, a separate entity under City National Bank, enables clients to trade stocks, index options and equity options either online or over the phone. Real-time quotations are offered online at no additional charge. Individuals can call 800/750-5471 to set up an online account.
Jim Gleason, a Senior Vice President with more than 30 years of experience in brokerage and financial services, will manage the brokerage company. In addition, City National has hired several key management and supervisory personnel to be part of the brokerage team.
For answers to other questions about City National Securities Inc. and the new online services, clients and prospective clients are encouraged to visit City National's Web site at "cnb.com," or contact an Investment Representative at 800/750-5471.
With a focus on enhancing after-tax returns on client portfolios, City National Investments is well regarded for its long-term relationships and commitment to service and expertise. City National Investments administers nearly $15 billion in assets, including assets under management. Assisting successful entrepreneurs, businesses, foundations, municipal agencies and families for more than 30 years, City National Investment's staff of more than 200 professionals provides a broad range of expertise in investment and wealth management, employee benefit programs, estate and financial planning, securities sales and trading.
City National eLink is designed as a strong Internet complement to City National Bank's successful relationship banking model that offers efficient, specialized, high-value products and outstanding services to its private and business banking and investment clients.
Utilizing state-of-the-art technology, the City National eLink network debuted last November initially with online banking and online retirement services functions:
- Online Banking: Allows clients to view personal account and
loan balances in real time, obtain account transaction history, process fund transfers, and perform online bill payment. Customers can also manage this information by exporting account details to personal financial management software. - Retirement Accounts: Gives employees of companies that have chosen City National for their employees' retirement planning needs access to their 401(k) accounts through the City National eLink "personal retirement" service. Once clients log on, they can review their accounts, make changes in their investment portfolios, review investment prices and performance, request forms and more.
City National recently announced the addition of "inside@cnb," a highly personalized and information-rich Internet platform exclusively for select private and business banking clients of City National Bank. City National Bank will announce other components to its eLink system during the remainder of 2000. These include cash management services, international import and export letters of credit, and the ability to make foreign exchange payments electronically.
About City National
City National Corporation is a publicly owned corporation with $8.4 billion in total assets whose stock is traded on the New York Stock Exchange under the symbol "CYN." The Corporation's wholly owned subsidiary is City National Bank, the premier business and private bank headquartered in California with more than 50 offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego, Ventura, San Mateo and San Francisco counties, as well as a loan production office in Sacramento.
CONTACT: City National Investments
Vernon Kozlen, 310/888-6306 or City National Corp. Kim George, 310/888-6665 or Stoorza, Ziegaus & Metzger Denis Wolcott, 213/891-2822, ext. 220 firstname.lastname@example.org