Parent Company of California's Premier Private and Business Bank(R) Agrees to Purchase Fleet National's Newburgh, N.Y. BranchCity National Corporation (NYSE:CYN), parent company of City National Bank, today announced a definitiveagreement to acquire the Newburgh, N.Y., branch of Fleet National Bank. This isthe company's first acquisition outside the state of California and will enablethe bank to open a private banking office in New York City.
Upon completing the transaction, which is expected to close in the fourthquarter of 2002 pending regulatory approval, City National plans to relocate theacquired branch from Newburgh to Manhattan. Terms of the transaction were notdisclosed.
"For some time now, many clients of City National Bank - especially those inthe entertainment industry and professional firms - have expressed a stronginterest in being able to bank with us in New York City," said City National'sChief Executive Officer Russell Goldsmith. "We are very pleased that this smallacquisition will enable us to open an office in Manhattan and deliver CityNational's unique brand of relationship-focused and service-driven private andbusiness banking as well as our growing wealth management capabilities to bothour bi-coastal California clients and prospective clients in New York City."
City National plans to lease space on an upper floor of a mid-town Manhattanoffice building and expects to open its private banking office in the fourthquarter of this year.
About City NationalCity National Corporation (NYSE: CYN) is a financial services company with $11billion in total assets. Its wholly owned subsidiary, City National Bank, is thesecond largest independent bank headquartered in California. As California'sPremier Private and Business Bank(R), City National provides banking, investmentand trust services through 54 offices in 12 California counties. The company has$18 billion in investment and trust assets under management or administration.
For more information about City National, visit the company's Web site atcnb.com.
CONTACT: City National Corporation Frank Pekny, 310/888-6700 (Investor Contact) firstname.lastname@example.org Linda Mueller, 213/833-4719 (Media Contact) email@example.comURL: http://www.businesswire.comToday's News On The Net - Business Wire's full file on the Internetwith Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved.