Clients can achieve philanthropic goals and maximize tax benefitsCity National Bank, the secondlargest independent bank headquartered in California, today announced that ithas joined with the California Community Foundation to offer the City NationalDonor Advised Giving Program. City National is the first bank to tap theexpertise and resources of the Los Angeles-based nonprofit to offer a donoradvised fund program for Californians.
The Donor Advised Giving Program provides a convenient and flexible way forindividuals to achieve their philanthropic goals. City National serves asinvestment manager for the program, and the California Community Foundation --which is the sponsoring charity - offers nearly a century of experienceproviding charitable-giving services and grants to the California communities itserves.
"We're pleased to partner with such a well-respected organization as theCalifornia Community Foundation to deliver this compelling new program to ourclients," said Vern Kozlen, executive vice president and director of the bank'strust and investment division. "The successful entrepreneurs, professionals andbusiness owners we serve have always been interested in making a difference intheir communities. Now, we'll be able to help them further integrate theirphilanthropic strategies with their estate and financial plans."
As a streamlined and cost-effective alternative to a private foundation, theCity National Donor Advised Giving Program offers greater grant flexibility andtax incentives without the administrative burden. The program provides:
- Maximum and immediate tax benefits: Clients' contributions qualify for the maximum deductibility for income, gift and estate tax purposes.
- Active involvement: As donor-advisors, clients recommend distributions to specific charities and may designate a successor advisor.
- Flexibility: Clients can establish a fund for virtually any purpose and recommend grants to local and national organizations."Through this program, donors will benefit from the California CommunityFoundation's experience in matching resources - financial or knowledge-based --to the needs of our communities, as well as from the professional financialmanagement of City National," said Joe Lumarda, executive vice president of theCalifornia Community Foundation. "Together, we'll be able to help donors makethe greatest impact with their giving dollars."
A fund in the City National Donor Advised Giving Program can be established witha minimum, irrevocable donation of $10,000. Clients can make contributions froma variety of asset classes: cash, publicly traded securities including mutualfunds, closely held stock, restricted public stock, real estate, life insurancepolicies, and royalty and intellectual property rights. Only 1 percent goestoward administrative costs.
About City NationalCity National Corporation (NYSE:CYN) is a financial services company with $11.3billion 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, including 11 full-service regionalcenters, in Southern California and the San Francisco Bay Area. The company hasmore than $19 billion in investment and trust assets under management oradministration.
For more information about City National, visit the company's Web site atwww.cnb.com.
CONTACT: City National Bank Linda Mueller, 213/833-4719 (Media) firstname.lastname@example.orgURL: http://www.businesswire.comToday's News On The Net - Business Wire's full file on the Internetwith Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved.