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City National Bank in Los Angeles has agreed to sell its retirement services business to OneAmerica, an insurance and asset management firm.
June 25 -
City National (CYN) in Los Angeles is transferring an executive to become head of its bank's New York private client services group.
February 19 -
Berkshire Hills in Pittsfield, Mass., reported higher quarterly earnings because of loan growth and gains from the purchase of 20 Bank of America branches.
July 24
City National in Los Angeles
The $31 billion-asset bank's earnings were $67.2 million for the period ending June 30, an increase of 12% compared with a year earlier. Diluted earnings were $1.11 per share, beating by 14 cents the estimate of analysts polled by Bloomberg.
City National reported loans of $18.5 billion, or 17% higher than last year. Net interest income increased 8%, to $219 million. However, the net interest margin dipped three basis points, to 3.21%.
Strong growth in trust and investment fees boosted profits, also, as noninterest income rose 23%, to $101 million.
Asset quality improved, as the bank cut its provision for bad loans by 88%, to $1.5 million.
Operating expenses climbed 7%, to $226 million, because of higher compensation costs.