LOS ANGELES--(BUSINESS WIRE)--Jan. 4, 2001--City NationalCorporation (NYSE: CYN), parent company of City National Bank, todayconfirmed that it completed the previously announced acquisition ofLos Angeles-based investment management firm Reed, Conner & Birdwellon Dec. 29, 2000.
The transaction increases City National's assets under managementor administration by approximately $1.2 billion.
Reed, Conner & Birdwell now operates as an independent subsidiaryof City National, retaining its name and maintaining its West LosAngeles offices. The firm retains its management team, led by DonnConner, president and CEO.
In addition, all of the Reed, Conner & Birdwell principals, theentire professional research staff, and the support staff continuewith the firm.
About City National Corporation
City National Corporation is a publicly owned corporation with$8.9 billion in total assets whose stock is traded on the New YorkStock Exchange under the symbol "CYN." The Corporation's wholly ownedsubsidiary, City National Bank, is California's premier private andbusiness bank and provides banking, trust and investment servicesthrough its 48 California offices located throughout Los Angeles,Orange, Riverside, San Bernardino, San Diego, San Francisco, SanMateo, Santa Clara and Ventura counties.
Over the past five years, City National Bank's trust andinvestment department, City National Investments, has significantlygrown its assets under management or administration to $16.7 billion,as of Sept. 30, 2000. Assisting successful entrepreneurs, businesses,foundations, municipal agencies and families for more than 30 years,City National Investments' staff of more than 200 professionalsprovides a broad range of expertise in investment and wealthmanagement, employee benefit programs, estate and financial planning,securities sales and trading.
For more information about City National Corporation, visit thecompany's web page at www.cnb.com.
About Reed, Conner & Birdwell
Reed, Conner & Birdwell was founded in 1959 and managesapproximately $1.2 billion in assets for high-net-worth clients andinstitutions such as foundations, endowments and retirement funds.
Reed, Conner & Birdwell employs a focused, value-oriented approachtoward investment management. It separately manages its accounts infour distinct styles: Mid-to-Large Cap Value, Small Cap Value, All CapValue and Balanced. It also manages two equity mutual funds forsmaller pools of assets. The firm has long been known for its thoroughresearch, disciplined investment approach, and its superior clientservicing.
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