City National Bank (California)
|Headquarters||555 South Flower Street, Los Angeles, California 90071|
|Key people||Russell Goldsmith (Chairman and CEO)
Bram Goldsmith (Chairman Emeritus)
|Total assets||$28.6 billion|
|Owner(s)||City National Corporation|
City National Bank is an American financial institution headquartered in the City National Plaza in Los Angeles, California, owned by City National Corporation (NYSE: CYN), with total assets of $28.6 billion (as of December 31, 2012).
Media reports have claimed the bank is nicknamed "Bank to the stars" due to its connection with Los Angeles. For example, in 1963, when Frank Sinatra's son was kidnapped, the bank put up the $240,000 in ransom money. A movie called Stealing Sinatra was made about the incident.
City National offers a full complement of banking, trust and investment services through 78 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. After the closure or merger of many Los Angeles banks, it has become the largest bank headquartered in the Greater Los Angeles Area. It also acts as a processing bank, providing back office services such as checking account processing and check clearance services for smaller local banks that do not do their own processing.
City National Bank is a national bank, regulated by the Office of the Comptroller of the Currency, Department of the Treasury. City National Bank should not be confused with the former Cleveland-based National City Bank, or First National City Bank, the former name of Citibank.
- Founded by a small group of Beverly Hills entrepreneurs in 1954 (one being Irving Klein). Its offices were in Beverly Hills at 400 North Roxbury Drive.
- In 1970 its stock began trading over the counter.
- Expanded to Northern California in 2000 with the purchase of The Pacific Bank, followed by the acquisition of Oakland-based Civic BanCorp in 2002.
- Opened an office in New York City in 2002 to serve California clients who do business on both coasts and prospective clients in Manhattan.
- Ranked among America's top companies by sales, profits, assets and market value in Forbes magazine's "Super 500" list (2002 and 2003).
- Recognized by Barron's as one of America's top wealth managers five years in a row (2001 - 2005).
- Has an established relationship with many entertainment industry clients. Deals with many exclusive and premier clients from various media: television, film, theater, arts.
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