LOS ANGELES, June 25, 2007 (PRIME NEWSWIRE) - City National Bank has appointed David L. Watson to serve as senior vice president and chief compliance officer. Watson will oversee the day-to-day activities of City National's compliance department, which is responsible for the bank's compliance with all federal, state and local laws and regulations.
Watson comes to City National from the Federal Reserve System, where he served for more than 16 years. From 1997 to 2007, he served in various capacities, including as senior manager in the banking supervision and regulation department at the Federal Reserve Bank of San Francisco. During that time, he conducted examinations of large, complex banking organizations, supervised various regional and community financial institutions, developed training programs for new bank examiners and worked on numerous Federal Reserve System projects.
Between 1994 and 1997, Watson was the regional banking supervisor for the Pittsburgh branch of the Federal Reserve Bank of Cleveland. There he led a team of 12 examiners responsible for the regulatory oversight of 45 financial institutions.
Watson was a senior financial analyst at the Federal Reserve Board in Washington, D.C., from 1992 to 1994. During the two preceding years, he served as a bank examiner at the Federal Reserve Bank of Atlanta's Miami branch.
For several years prior to joining the Federal Reserve, Watson worked as a financial analyst, first for WorldCorp, Inc., a Virginia-based airline holding company, and then for Hovde Financial, a bank consulting firm with offices in Washington, D.C., and Chicago, Ill. He began his regulatory career in 1986 as an examiner for the Federal Home Loan Bank of Seattle.
Watson will be based at City National Bank's Los Angeles regional center at City National Plaza. He will report to Michael B. Cahill, executive vice president, general counsel and secretary of City National Bank and City National Corporation.
"David brings to our company strong leadership and effective management skills coupled with exceptional knowledge and understanding of today's demanding regulatory environment," Cahill said. "He will be a welcome addition to our very capable and experienced compliance team."
Watson earned a bachelor's degree in humanities from Pennsylvania State University and a master's degree in business administration from Marymount University.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $15.3 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 nine majority-owned investment affiliates manage or administer more than $55 billion in client investment assets, including $34.6 billion under direct management.
For more information about City National, visit the company's Website at cnb.com.
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CONTACT: City National Bank