In a news release issued March 1, the company indicated that Civic shareholderswho elected to receive City National stock would receive 64.87 percent of thestock they had requested, according to terms of the merger agreement. Theremaining 35.13 percent of their shares would be exchanged for cash in theamount of $20.25 per share, according to the news release.
The exchange agent has completed the review of all election forms submittedprior to 5:00 p.m. on February 19, 2002. Based on this final review, CityNational Corporation has determined that in accordance with the terms of themerger agreement, Civic shareholders who elected to receive stock will receive62.76 percent of the shares requested instead of the 64.87 percent previouslyindicated. The remaining 37.24 percent of their shares will be exchanged forcash in the amount of $20.25 per share.
For shares held in brokerage accounts, an adjustment will be processed throughthe Depository Trust Company on March 15, 2002 to reflect the final terms.
CONTACT: City National Corporation Heng Chen, 213/347-2646 (Investor) Hchen@cityntl.com Cary Walker, 213/833-4715 (Media) Cwalker@cityntl.comURL: http://www.businesswire.comToday's News On The Net - Business Wire's full file on the Internetwith Hyperlinks to your home page.
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