LOS ANGELES--(BUSINESS WIRE)--Oct. 26, 2000--The board ofdirectors of City National Corporation (NYSE: CYN) today authorized anew stock repurchase program of up to 1 million shares of thecorporation's stock.
Shares will be purchased from time to time in open markettransactions and are expected to be used for employee stock options,possible future acquisitions and other general purposes. City NationalCorporation had 47,765,807 shares outstanding at Sept. 30, 2000.
City National Corporation also announced the completion yesterdayof a 1 million share stock repurchase program that commenced in July1999. The corporation has completed five such repurchase programssince May 1995.
Finally, the City National board of directors also announced todaya quarterly common stock cash dividend of $0.175 per share for thethird quarter of 2000, payable on Nov. 20, 2000, to stockholders ofrecord on Nov. 8, 2000.
City National Corporation is a publicly owned corporation with$8.9 billion in assets whose stock is traded on the New York StockExchange under the symbol "CYN."
The corporation's wholly owned subsidiary, City National Bank, isthe premier private and business bank headquartered in California,with 50 banking offices in Los Angeles, Orange, Riverside, SanBernardino, San Diego, San Francisco, San Mateo, Santa Clara andVentura counties. For more information about City National Corp.,visit the company Web site at www.cnb.com.
This news release contains forward-looking statements about CityNational Corp. ("the Corporation") for which the Corporation claimsthe protection of the safe harbor contained in the Private SecuritiesLitigation Reform Act of 1995.
Forward-looking statements are based on management's knowledge andbelief as of today and include information concerning theCorporation's possible or assumed future financial condition, and itsresults of operations and business. Forward-looking statements aresubject to risks and uncertainties. A number of factors, some of whichare beyond the Corporation's ability to control or predict, couldcause future results to differ materially from those contemplated bysuch forward-looking statements. These factors include (1) an economicslowdown in California, (2) changes in interest rates, (3) significantchanges in banking laws or regulations, (4) increased competition inthe corporation's market, (5) higher than expected credit losses and(6) possible changes in the plans for the registered investmentcompany subsidiary.
For a more complete discussion of these risks and uncertainties,see City National Corporation's Quarterly Report on Form 10-Q for thequarter ended June 30, 2000, and particularly the section ofManagement's Discussion and Analysis therein titled "CautionaryStatement for Purposes of the 'Safe Harbor' Provisions of the PrivateSecurities Litigation Reform Act of 1995."
|CONTACT:||City National Corp.|
|Kim George, 213/833-4715 (Media)|
|Frank Pekny, 310/888-6700 (Financial/Investors)|
|Abernathy MacGregor Group|
|Ian Campbell, 213/630-6550 (Financial/Investors)|
|Denis Wolcott, 213/891-2822 (Media)|