LOS ANGELES--(BUSINESS WIRE)--May 27, 2003--City NationalCorporation (NYSE:CYN) today announced that it is extending until 5:00p.m. (ET), on May 29, 2003, unless further extended, the expirationdate of its offer to exchange $225 million of its 5.125 percent seniornotes due 2013. These notes have been registered under the SecuritiesAct of 1933. All other terms of the exchange offer remain unchanged.
The original expiration date of the exchange offer was May 23,2003. As of 5:00 p.m. (ET) on that date, the exchange agent for theoffer advised City National Corporation that approximately $222.975million, or 99.1 percent, of the outstanding notes had been validlytendered. The remaining $2.025 million of the outstanding notes hadnot been tendered.
The terms and conditions of the exchange offer are set forth in anApril 28, 2003 prospectus and its accompanying transmittal letter.
Anyone who would like to obtain copies of the prospectus andrelated documents, or with questions regarding the exchange offer,should contact City National Corporation's exchange agent, U.S. BankNational Association, at 213/533-8765 or 800/934-6802.
About City National
City National Corporation is a financial services company with $12billion in total assets. Its wholly owned subsidiary, City NationalBank, is the second largest independent bank headquartered inCalifornia. As California's Premier Private and Business Bank(SM),City National provides banking, investment and trust services through54 offices, including 12 full-service regional centers, in SouthernCalifornia, the San Francisco Bay Area and New York City. The companyhad $19.8 billion in investment and trust assets under management oradministration at March 31, 2003.
For more information about City National, visit the company's Website at http://www.cnb.com/.
This news release contains forward-looking statements about thecompany, for which the company claims the protection of the safeharbor provisions contained in the Private Securities LitigationReform Act of 1995.
Forward-looking statements are based on management's knowledge andbelief as of today and include information concerning the company'spossible or assumed future financial condition, and its results ofoperations, business and earnings outlook. These forward-lookingstatements are subject to risks and uncertainties. A number offactors, some of which are beyond the company's ability to control orpredict, could cause future results to differ materially from thosecontemplated by such forward-looking statements. These factors include(1) changes in interest rates; (2) significant changes in banking lawsor regulations; (3) increased competition in the company's market; (4)higher-than-expected credit losses; (5) earthquake or other naturaldisasters impacting the condition of real estate collateral; (6) theeffect of acquisitions and integration of acquired businesses; (7)unanticipated changes in regulatory, judicial, or legislative taxtreatment of business transactions; (8) unknown economic impactscaused by the State of California's budget shortfall; and (9) economicuncertainty created by worldwide geopolitical unrest, hostilities andmilitary action, terrorist attacks and related events. Managementcannot predict at this time the severity or duration of the effects ofthe recent business slowdown on our specific business activities andprofitability. Weaker or a further decline in capital and consumerspending, and related recessionary trends could adversely affect ourperformance in a number of ways, including decreased demand for ourproducts and services and increased credit losses. Likewise, changesin deposit interest rates, among other things, could slow the rate ofgrowth or put pressure on current deposit levels. Forward-lookingstatements speak only as of the date they are made, and the companydoes not undertake to update forward-looking statements to reflectcircumstances or events that occur after the date the statements aremade, or to update earnings guidance, including the factors thatinfluence earnings.
For a more complete discussion of these risks and uncertainties,see the company's quarterly report on Form 10-Q for the quarter endedMarch 31, 2003, or its annual report on Form 10-K for the year endedDecember 31, 2002, and particularly the section of Management'sDiscussion and Analysis therein titled "Cautionary Statement forPurposes of the `Safe Harbor' Provisions of the Private SecuritiesLitigation Reform Act of 1995."
CONTACT: City National Corporation Frank Pekny, 310/888-6700 (Investors) firstname.lastname@example.org Cary Walker, 213/833-4715 (Media) email@example.com SOURCE: City National Corporation