LOS ANGELES--(BUSINESS WIRE)--July 6, 2006--City NationalCorporation's board of directors today authorized the company torepurchase an additional 1.5 million shares, subject to marketconditions. The company has nearly completed the 1.5-million-sharebuyback program announced on April 26.
"Over the past 11 years, City National has repurchased more than12 million shares of its stock," said President and Chief ExecutiveOfficer Russell Goldsmith. "This longstanding share repurchasecommitment, coupled with a cash dividend that has increased 530percent since 1995, reflects the company's strong commitment toeffective capital management and growing shareholder value."
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 Nationalrepurchased almost 1.5 million shares in the second quarter of 2006and had 2.2 million shares in its treasury on June 30.
The company will announce second-quarter financial results on July19, 2006.
About City National
City National Corporation (NYSE:CYN) is a financial servicescompany with $14.7 billion in total assets. Its wholly ownedsubsidiary, City National Bank, is California's Premier Private andBusiness Bank(R). It provides banking, investment and trust servicesthrough 55 offices, including 12 full-service regional centers, inSouthern California, the San Francisco Bay Area and New York City. Thecompany and its affiliates manage or administer more than $48 billionin client trust and investment assets, including more than $27 billionunder direct management.
CONTACT: City National
Christopher J. Carey, 310.888.6777
Cary Walker, 213.673.7615
SOURCE: City National Corporation