"The addition of CivicBank and its very fine management team to our NorthernCalifornia organization will significantly strengthen our ability to serve theBay Area's entrepreneurs, professionals and small to mid-sized businesses," saidCity National Corporation's Chief Executive Officer, Russell Goldsmith. "On acombined basis, City National - California's Premier Private and Business Bank-- will now have in the Bay Area approximately $1 billion in assets and threefull-service regional centers in Oakland, Palo Alto and San Francisco."
Each of the 5.3 million shares of Civic BanCorp stock was exchanged for cash ora combination of cash and City National stock. When the acquisition wasannounced last year, both companies agreed that no more than 53.5 percent of thetotal consideration could be paid in City National Corporation stock. The numberof shares that Civic shareholders elected to receive exceeded this 53.5 maximum,and therefore those who elected to receive stock will receive 64.87% of theshares requested, in accordance with terms of the merger agreement. Theremaining 35.13% of their shares will be exchanged for cash in the amount of$20.25 per share. City National common stock received by Civic shareholders isexpected to qualify as a tax-free exchange.
On December 31, 2001, City National Corporation had assets of $10.2 billion. Thecompany is traded on the New York Stock Exchange under the symbol "CYN." Itswholly owned subsidiary, City National Bank, delivers banking, trust andinvestment services through more than 50 offices in 11 counties throughoutSouthern California and the San Francisco Bay Area.
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