Bank Continues Bay Area Growth
SAN JOSE, CALIF. – City National Bank, California's Premier Private and Business Bank, has signed an agreement to acquire what will be its 11th bank branch in Northern California, located at One Almaden Blvd., in the heart of downtown San Jose.
City National will acquire the 4,500-square-foot branch from First Bank, which is headquartered in St. Louis, Mo. City National will assume about $9 million of deposits, including more than $6 million in core deposits. The agreement does not include the branch's loan portfolio. The branch will serve professionals, entrepreneurs and businesses.
“The new San Jose branch will give City National a downtown location in the heart of San Jose – the 10th largest city in America,” said Robert Brant, executive vice president and Northern California regional executive. “When it opens early next year, it will be the second branch that City National has acquired in San Jose and the fourth new Bay Area branch for City National in two years. This new location will give us a greater opportunity to offer our unique brand of highly tailored banking and wealth management solutions to entrepreneurs, professionals, and small and mid-size businesses in San Jose and the Silicon Valley.”
City National is the second largest independent bank headquartered in California, and it has grown steadily in the Bay Area since 2000. Today, the company circles the Bay with 10 offices – three in San Francisco and one each in Burlingame, Palo Alto, San Jose, Fremont, San Leandro, Oakland and Walnut Creek. The company opened its first San Jose branch in 2009.
City National's acquisition is expected to close in February 2011, subject to regulatory approval.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE: CYN). It is backed by $21.8 billion in total assets, and provides banking, investment and trust services through 74 offices, including 17 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. The company and its investment affiliates manage or administer $56.9 billion in client investment assets, including nearly $36 billion under direct management.
For more information about City National, visit the company's Website at cnb.com