This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

City National Corp. Prices Preferred Stock Offering

LOS ANGELES, Oct. 31, 2013 (GLOBE NEWSWIRE) -- City National Corporation (NYSE: CYN), the parent company of wholly owned City National Bank, today priced a public offering of $100 million in 6.75 percent fixed-to-floating rate non-cumulative preferred stock, Series D, which will qualify as Tier 1 capital.

The company is offering 4 million depositary shares at a price of $25 per share. Each depositary share represents a 1/40 th interest in a share of the Series D preferred stock. The offering is expected to close on or about November 7, 2013, subject to customary closing conditions.

Net proceeds will be used for general corporate purposes, including debt repayment.

"In light of City National's significant and continuing growth over the past few years and its strong performance again in the third quarter, the company is responding to favorable market conditions to issue some additional preferred stock that will further enhance its capital and its capacity for growth," said Chairman and Chief Executive Officer Russell Goldsmith.

BofA Merrill Lynch, Goldman, Sachs & Co, J.P. Morgan, and Barclays were joint book-running managers for the transaction. The co-manager was RBC Capital Markets.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of City National, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The offering is being made only by means of a prospectus supplement and accompanying base prospectus.  City National has filed a registration statement (including a base prospectus) and a preliminary prospectus supplement with the Securities and Exchange Commission (SEC) for the offering to which this communication relates and will file a final prospectus supplement relating to the offering.  Prospective investors should read the registration statement including the base prospectus, the preliminary prospectus supplement and final prospectus supplement (when available) and the other documents City National has filed with the SEC for more complete information about City National and this offering.  Investors may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov . Alternatively, investors can request the prospectus by contacting any of the following organizations:
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Attention: Prospectus Department
222 Broadway
New York, New York, 10038
Phone: 800-294-1322 (toll free)
E-mail: dg.prospectus_requests@baml.com
Goldman, Sachs & Co.
Attention: Prospectus Department
200 West Street
New York, NY 10282
Phone: 866-471-2526 (toll free)
Fax: 212-902-9316
E-mail: prospectus-ny@ny.email.gs.com
 
J.P. Morgan Securities LLC
383 Madison Ave.
Attention: Investment Grade Syndicate Desk
New York, NY 10179
Phone: 212-834-4533 (collect)
Fax: 212-834-6081
 
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Phone: 888-603-5847 (toll free)
E-mail: barclaysprospectus@broadridge.com

About City National

As of September 30, 2013, City National Corporation had $29.1 billion in assets. Its wholly owned subsidiary, City National Bank, provides banking, investment and trust services through 77 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. The company and its investment affiliates manage or administer approximately $61.5 billion in client investment assets, including $42.8 billion under direct management.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs