City National Bank

In the world of entertainment and real estate, people are looking for companies they can trust. In the greater California, where these industries are flourishing, one company can stands out amongst the crowd, and this company is the City National Bank.

City National Bank is a full subsidiary of the City National Corporation, a financial services holding company based in Beverly Hills. It joins the roosters of the New York Stock Exchange and trades under the ticker symbol – CYN. As of the first quarter of 2007, the City National Bank reported $15.3 billion worth of total assets. A fifty three year old company, the City National Bank runs more than fifty banking centers and twelve regional banking offices all located in New York City, San Francisco Bay Area and Southern California.

City National Bank is cited as one of America’s Top Wealth Management Companies by the Barron’s Magazine between the years 2001 and 2005. It was ranked as the United States Top Firms in terms of market value, assets, profits and sales as stated in the Super 500 list by the Forbes Magazine in the years 2002 and 2003. The company today is hailed as the largest banking institution to be based in the City of Angels. The company is dear to the real estate and entertainment sector, as a matter of fact, famous entertainer Frank Sinatra was assisted by the bank in putting up a ransom of worth $240,000 when his son was kidnapped in 1963.

The City National Bank opened its doors to the Golden State in the year 1954. The bank became an instant favorite of many real estate brokers, Hollywood biggies, professionals, and business tycoons. It too went many obstacles in the past as would any banks during that time. The company moved in on a new location in the Beverly Hills a year later.

By the year 1958, the assets of the City National Bank totaled to $66 million. It ranked number 409 of America’s 14,000 banks. In 1967, the City National Bank opened its new twenty four-storey building in downtown LA. The building, named the Pershing Square, was the tallest edifice in Los Angeles during those days.

By the year 1978, the assets of the company grew by leaps and bounds. The City National Bank is now worth $1 billion. It continued to expand, launching satellite offices and branches in the Orange County and San Diego. The start of the 90s signaled the bank’s participation in the New York Stock Exchange.

To further the growth of the company, the City National Bank, through the leadership of new elected Chairman of the Board and President, Russell Goldsmith, acquired the First Los Angeles Bank. It was the company’s first and biggest acquisition. By this time, City National Bank already has $3.3 billion of assets.

In 1997, the company acquired three more banks: the Ventura County National Bancorp, Frontier Bank and the Riverside National Bank. On the following year it bought the Harbor Bank in Long Beach. And on the same year, it added a retirement services unit with the purchase of the North American Trust Company in San Diego.

City National Bank Online Banking opened in 1999. Another acquisition was made with the American Pacific Static Bank on the same year; the company’s assets now rose to $7.0 billion. In 2000, it bought an investment management company – The Reed, Conner & Birdwell Company.

Between the years 2001 and 2007, City National Bank fully spread its wings over California with the acquisition of five key companies. These included the Lydian wealth Management the company’s wealth management consultancy arm.

City National Bank Business Loans and other financial products, more than even before, are now accessible in the California and other markets, targeting exclusively to entertainment, real estate people and entrepreneurs. The bank’s vigorous, although brief, history enabled the City National Bank to firmly place itself as one US’ top banks.