– City National Corporation (NYSE: CYN) today announced the acquisition of the operations of La Jolla, Calif.-based Imperial Capital Bank in an FDIC-assisted transaction. City National will host a call to discuss the transaction on Monday, December 21, 2009 at 8 a.m. PST (11 a.m. EST). Analysts and investors may participate in a question-and-answer session. The call also will be Webcast live. Slides related to the transaction will be posted to the company’s Website at cnb.com
prior to the call.
Conference Call, Webcast and Replay Information:
Date: Monday, December 21, 2009
Time: 8 a.m. Pacific time (11 a.m. Eastern time)
Duration: 1 hour
Telephone Access: Participants should join the live conference call 5 to 10 minutes before its scheduled start. The dial-in number is (866) 393-6804, and the Conference ID is 48342007.
Telephone Replay: The call will be recorded and made available for replay through December 28, 2009. The dial-in number for the replay is (800) 642-1687. The Conference ID for the replay is 48342007.
: A listen-only live Webcast of the call will be available at cnb.com
. A recorded version for replay will be available within 24 hours after the end of the call until December 21, 2010.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE: CYN). Headquartered in Los Angeles, the company is backed by $18.4 billion in total assets, and provides banking, investment and trust services through 64 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. City National and its eight majority-owned investment affiliates manage or administer $53.4 billion in client investment assets, including nearly $35 billion under direct management.
For more information about City National, visit the company’s Website at cnb.com
This news release contains forward-looking statements about the company, for which the company claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the company’s possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the company’s ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) continuation or worsening of current recessionary conditions, (2) continued volatility and disruption in the functioning of financial markets, including the capital and credit markets, (3) significant changes in banking laws or regulations, including without limitation, broad-based restructuring of financial industry regulation and as a result of the Emergency Economic Stabilization Act and the creation of and possible amendments to the Troubled Asset Relief Program (TARP), and rules and regulations issued thereunder, including the TARP Standards for Compensation and Corporate Governance, (4) the ongoing budget crisis in the State of California, (5) continued weakness in the real estate market, including the markets for commercial and residential real estate, which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense, (6) continued volatility in equity, fixed income and other market valuations, (7) changes in market rates and prices which may adversely impact the value of financial products including securities, loans, deposits, debt and derivative financial instruments, and other similar financial instruments, (8) changes in the interest rate environment and market liquidity which may reduce interest margins and impact funding sources, (9) increased competition in the company’s markets, (10) changes in the financial performance and/or condition of the company’s borrowers, including changes in levels of unemployment, changes in customers’ suppliers, and other counterparties’ performance and creditworthiness, (11) a substantial and permanent loss of either client accounts and/or assets under management at the company’s investment advisory affiliates or its wealth management division, (12) changes in consumer spending, borrowing and savings habits, (13) soundness of other financial institutions which could adversely affect the company, (14) increases and required prepayments in Federal Deposit Insurance Corporation premiums due to market developments and regulatory changes, (15) protracted labor disputes in the company’s markets, (16) earthquake, fire or other natural disasters affecting the condition of real estate collateral, (17) the effect of acquisitions and integration of acquired businesses and de novo branching efforts, (18) the impact of changes in regulatory, judicial or legislative tax treatment of business transactions, (19) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies, and (20) the success of the company at managing the risks involved in the foregoing.
Forward-looking statements speak only as of the date they are made, and the company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance, including the factors that influence earnings.
For a more complete discussion of these risks and uncertainties, see the company’s Annual Report on Form 10-K for the year ended December 31, 2008 and particularly Part I, Item 1A, titled “Risk Factors.”
# # #