The funds will be used by the organization to help three Southland publicschools - Tenth Street Elementary in Los Angeles, Seventh Street Elementary inSan Pedro, and Castlebay Lane Elementary in Northridge - purchase a total of700 new books for their libraries. The Wonder of Reading is in the process ofrenovating the school libraries, which are expected to open later this year.
"Public elementary school libraries have been neglected for too long," said BethMichelson, director of The Wonder of Reading. "We're pleased that City NationalBank has taken the corporate lead in addressing this critical need in ourcommunity through its 'Reading Is The Way Up' program and its generous supportfor our organization."
City National launched its "Reading Is The Way Up" program earlier this year toaddress the plight of California public school libraries. The bank made aninitial grant of $100,000 to purchase about 5,000 library books through aprogram set up by the Governor's Book Fund and the California State LibraryFoundation.
"Programs like The Wonder of Reading and the Governor's Book Fund have madegreat progress in improving our public school libraries, but there's stillplenty of work to do," said Russell Goldsmith, City National's chairman andchief executive officer. "Our children need access to current and compellingreading materials, and the school library often serves as the only resource forthis basic foundation for learning."
In addition to providing funds for restocking the libraries' shelves, the bankplans to participate in The Wonder of Reading's volunteer reading program. CityNational colleagues will receive training through the organization and dedicateone hour at least twice each month to read with students, one-on-one, in many ofthe 89 local schools in The Wonder of Reading program. Book drives also arebeing planned by the bank.
About City NationalCity National Corporation (NYSE:CYN) is a financial services company with $11billion in total assets. Its wholly owned subsidiary, City National Bank, is thesecond largest independent bank headquartered in California. As California'sPremier Private and Business Bank(R), City National provides banking, investmentand trust services through 54 offices in 12 California counties. The company has$18 billion in investment and trust assets under management or administration.
For more information about City National, visit the company's Web site atcnb.com.
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