LOS ANGELES--(BUSINESS WIRE)--Aug. 10, 2000--City National Bank (NYSE:CYN), announced today that its Technology Group opened a Los Angeles office in Sherman Oaks to serve technology companies within Los Angeles and Ventura counties.
City National, California's premier business and private bank, is also one of the state's leading technology finance institutions. The Technology Group was established in 1998 in Irvine and now has offices in San Diego and Los Angeles. The Bank also will soon open an office in Palo Alto to serve technology and emerging growth companies in Silicon Valley and Northern California.
City National's decision to open a Los Angeles office coincides with significant technology industry growth occurring in the region. With an estimated $4 billion in venture capital expected to come to Los Angeles County in 2000, a number of communities - from Santa Monica, to West Los Angeles, and the San Fernando Valley - are becoming technology hot spots.
"City National hit the Southern California technology market at just the right time. Our market has received unprecedented amounts of capital, fueling phenomenal numbers of new entrepreneurs," said Beth Kinsey, senior vice president and manager of the Technology Group.
In addition to the growth of venture-backed firms in Santa Monica, Brentwood, Marina Del Rey and West Los Angeles, successful start-ups are locating in the "101 Corridor," which begins in Calabasas and the West San Fernando Valley, and continues through Ventura up to Santa Barbara. Pasadena is also rapidly becoming a home for many startups.
"These are the same geographic areas where City National has decades of success providing superior products and relationship banking to Southern California's diverse business community and entrepreneurs. Combined with our experienced corps of technology finance colleagues, City National Bank is well-positioned to serve the many needs of emerging growth industries," Kinsey said.
The Technology Group is working with all types of technology firms in such industry sectors as Internet, communications, life sciences, software and new media. City National typically seeks companies that have completed their first round of financing with at least $4 million to $5 million in venture capital or investment.
"We provide working capital and equipment financing that supplement a company's equity capital until they can secure their next round of financing," said Bob Louk, vice president and senior relationship manager for the Los Angeles technology team.
City National's Technology Group works hand-in-hand with City National Investments - the bank's $15.5 billion trust and investment division - to provide clients with a broad range of expertise in investment and wealth management, employee benefit programs, estate and financial planning, and securities sales and trading.
"These additional financial services are especially important to companies looking to enhance their competitive edge in a very competitive marketplace. Executives of emerging growth companies cannot afford to spend time searching for multiple service providers," Louk said. "Coupled with the personalized service offered by our private banking teams and the vast resources of other specialties within the bank, City National clients have a one-stop-shop to meet all of their financial needs."
The Los Angeles office for the Technology Group is located at 15260 Ventura Blvd., Suite 1600, Sherman Oaks, CA 91403, and can be reached at 818-382-1503.
About City National
City National Corporation is a publicly owned corporation with $8.7 billion in total assets whose stock is traded on the New York Stock Exchange under the symbol "CYN." The corporation's wholly owned subsidiary, City National Bank, is California's premier business and private bank, with 50 offices in Los Angeles, Orange, Riverside, San Bernardino, Ventura, San Diego, San Francisco and San Mateo counties. In addition, the bank's trust and investment division, City National Investments, has $15.5 billion in assets under management or administration. For more information about the Corporation, the web page is at http://www.cnb.com.
CONTACT: City National
Kim George, 310/888-6665 or Stoorza Communications Denis Wolcott, 213/891-2822, ext. 220