LOS ANGELES--(BUSINESS WIRE)--May 31, 2006--City NationalCorporation (NYSE:CYN) today completed its acquisition of IndependenceInvestment LLC, a 24-year-old investment firm that managesapproximately $8 billion of U.S. equities on behalf of premierinstitutional clients, including corporate, public and Taft-Hartleypension plans as well as foundations and endowments.
On March 24 of this year, City National announced plans to acquirethe investment manager from Manulife Financial Corporation. Terms werenot disclosed, but City National expects the acquisition to bemodestly accretive to earnings in 2006.
The addition of Independence is expected to bring City National'sassets under management to more than $27 billion and its assets undermanagement or administration to more than $48 billion, on a pro-formabasis. These totals are as of March 31, 2006, and they do not include$9 billion of assets under management by firms in which City Nationalholds minority interests.
Independence will be headed by its current president and chiefexecutive officer Mark Lapman. The firm, which is headquartered inBoston, Mass., will become an affiliate of Convergent CapitalManagement LLC, the Chicago-based asset management holding companythat City National acquired in 2003.
About City National
City National Corporation is a financial services company with$14.7 billion in total assets. Its wholly owned subsidiary, CityNational Bank, is California's Premier Private and Business Bank(R).It provides banking, investment and trust services through 55 offices,including 12 full-service regional centers, in Southern California,the San Francisco Bay Area and New York City.
For more information about City National, visit the company'sWebsite at cnb.com.
CONTACT: City National Corporation
Christopher J. Carey, 310-888-6777
Cary Walker, 213-673-7615
SOURCE: City National Corporation