LOS ANGELES--(BUSINESS WIRE)--March 24, 2004--The board ofdirectors of City National Corporation (NYSE:CYN) today authorized therepurchase of an additional 1 million shares following completion ofthe company's current stock buyback initiative.
In 2003, City National announced plans to repurchase as many as1.5 million of its shares. By February 29, 2004, it had bought back1.36 million shares at an average price of $49.94.
"City National's stock repurchase program, coupled with a cashdividend that has increased 64 percent during the last 14 months,underscores our company's continuing commitment to effective capitalmanagement and shareholder value," said Chief Executive OfficerRussell Goldsmith. "This commitment is reflected in the fact that wehave bought back almost 10 million shares of City National stock inless than 10 years."
Shares will be repurchased from time to time in open markettransactions, and are expected to be used for employee stock options,possible future acquisitions and other general purposes. City NationalCorporation had 49.2 million shares outstanding, net of treasuryshares, on December 31, 2003.
About City National
City National Corporation is a financial services company with $13billion 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(R), CityNational provides banking, investment and trust services through 53offices, including 12 full-service regional centers, in SouthernCalifornia, the San Francisco Bay Area and New York City. The companyand its affiliates manage or administer more than $28 billion ofclient trust and investment assets.
CONTACT: City National Corporation Stephen McAvoy, 213-347-2653 (investors) Steve.McAvoy@cnb.com or Cary Walker, 213-833-4715 (media) Cary.Walker@cnb.com SOURCE: City National Corporation