The current program, which was approved on October 26, 2000, authorized CityNational to repurchase as many as 1 million shares. Since then, the corporationhas repurchased 722,600 shares, including 228,600 shares (at an average price of$45.53) during October of this year. The corporation is still authorized to buyback the remaining 277,400 shares in addition to the authorization announcedtoday.
"This additional commitment to repurchase shares is an important element of CityNational's longstanding capital management program," said Chief ExecutiveOfficer Russell Goldsmith. "Since 1995, pursuant to our stock repurchaseprograms, we have bought back nearly 8 million shares of City National stock."
Shares will be repurchased from time to time in open market transactions, andare expected to be used for employee stock options, possible future acquisitionsand other general purposes. City National Corporation had 50,163,305 sharesoutstanding on September 30, 2002.
City National's board of directors also announced a common stock cash dividendof $0.195 per share for the third quarter of 2002, payable on November 18, 2002to stockholders of record on November 6, 2002.
About City NationalCity National Corporation is a financial services company with $11.3 billion intotal assets. Its wholly owned subsidiary, City National Bank, is the secondlargest independent bank headquartered in California. As California's PremierPrivate and Business Bank(R), City National provides banking, investment andtrust services through 54 offices, including 11 full-service regional centers,in Southern California and the San Francisco Bay Area. The company has more than$19 billion in investment and trust assets under management or administration.
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