LOS ANGELES--(BUSINESS WIRE)--Jan. 22, 2003--The board ofdirectors of City National Corporation (NYSE:CYN) today announced a 5percent increase in the company's quarterly common stock cash dividendto $0.205 per share for the fourth quarter of 2002, up from $0.195 pershare previously paid.
This is the ninth consecutive year in which City NationalCorporation has increased its dividend.
The board also authorized a plan to repurchase 1 million shares ofCity National Corporation stock, following completion of the company'scurrent buyback initiative. Under the current initiative, CityNational has repurchased 1,807,500 of 2 million shares authorized,leaving 192,500 shares available for repurchase.
Since 1995, City National Corporation has repurchased almost 9million shares, including 1.4 million last year.
"Today's announcement is consistent with two important elements ofCity National's longstanding capital management program," said ChiefExecutive Officer Russell Goldsmith. "Building on a track record ofconsistent quality earnings growth, this program continues to enhanceshareholder value."
Shares will be repurchased from time to time in open markettransactions. City National Corporation expects to use them foremployee stock options, possible future acquisitions and other generalpurposes. The corporation had 48,983,431 shares outstanding onDecember 31, 2002.
About City National
City National Corporation is a financial services company with$11.9 billion in total assets. Its wholly owned subsidiary, CityNational Bank, is the second largest independent bank headquartered inCalifornia. As California's Premier Private and Business Bank(R), CityNational provides banking, investment and trust services through 55offices, including 11 full-service regional centers, in SouthernCalifornia, the San Francisco Bay Area and New York City. The companyhas $19.5 billion in investment and trust assets under management oradministration.
|CONTACT:||City National Corporation|
|Frank Pekny, 310/888-6700 (Financial/Investors)|
|Cary Walker, 213/833-4715 (Media)|