LOS ANGELES, Mar 8, 2004 (BUSINESS WIRE) - City National Bank(NYSE:CYN), the second largest independent bank headquartered inCalifornia, announced today that it has promoted Richard A. Weiss andRichard Shier to executive vice president. Both previously were seniorvice presidents with the bank.
As chief investment officer for City National Asset Management(CNAM), the investment management arm of City National Bank, Weissoversees the management of nearly $6 billion in client assets. He alsodirects the bank's investment strategy and policy.
Weiss has more than 20 years of investment management experience,including nearly five years with City National. During his tenure,CNAM's assets under management have grown by 32 percent and itsmanaged portfolios consistently have outperformed virtually all oftheir relevant benchmarks.
Shier, who joined the bank in 1998, directs City National'sOperations Services Group. In this capacity, he oversees nearly 400colleagues who are responsible for many of the company's fundamentalclient service activities, including securities and mutual fundoperations, check processing, statement production, coin and currency,and ATM operations.
A seasoned executive who has worked for several major financialinstitutions, consulting firms and technology service companies duringhis 24-year career, Shier has led the centralization, automation orelimination of more than 75 bank processes in the last three years. Healso played a major role in the integration of several of CityNational's recent bank and asset management firm acquisitions.
"Both of these talented individuals have earned tremendous respectfor their leadership and performance," said City National Chairman andChief Executive Officer Russell Goldsmith. "They have repeatedlydistinguished themselves through the successful exercise ofsignificant management responsibilities for large and criticalbusiness functions that affect the entire bank.
"We're pleased to recognize not only their accomplishments, butalso their unique expertise, strong contributions to our company'sgrowth and broad understanding of the business and economic conditionswithin which our company operates."
About City National
City National Corporation (NYSE:CYN) is a financial servicescompany with $13 billion in total assets. Its wholly owned subsidiary,City National Bank, is the second largest independent bankheadquartered in California. As California's Premier Private andBusiness Bank(R), City National provides banking, investment and trustservices through 53 offices, including 12 full-service regionalcenters in Southern California, the San Francisco Bay Area and NewYork City.
City National is ranked among America's top companies in Forbesmagazine's "Super 500" list. It also is one of the nation's top wealthmanagers, according to Barron's magazine. The company and itsaffiliates manage or administer more than $28 billion of client trustand investment assets.
For more information about City National, visit the company'sWebsite at cnb.com.
SOURCE: City National Bank
City National BankLinda Mueller, 213-833-4719Linda.Mueller@cnb.com
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