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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
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.