City National bolsters its East Coast presence
City National Bank in Los Angeles is expanding along the East Coast.
The $56.2 billion-asset bank, known for its celebrity clientele, has opened its first entertainment banking office in Miami, where it will do business as CN Bank, and a full-service branch in Long Island, N.Y., that will serve as a regional hub.
City National has also opened its first branch in Hollywood, Calif., where a “revitalization of this landmark city is in full swing,” CEO Kelly Coffey said in a news release Thursday.
The bank's stronghold is in California — the Los Angeles area, Sacramento, San Diego and San Francisco — and it has offices in Las Vegas, Minneapolis, Atlanta, Nashville, Tenn., Washington and New York. There are plans to expand into the Tysons Corner area of northern Virginia early next year.
“With our new branches, City National will be able to provide these communities with highly tailored financial solutions and personal service that can meet clients’ needs like never before,” Coffey said.
Coffey took control of the bank in February and is steering the aggressive expansion of its wealth management and entertainment financing businesses that began after the Royal Bank of Canada acquired it about four years ago. The City National unit produced $57 million in profits in the quarter ended July 31, a 12% increase from a year earlier, RBC said. RBC is scheduled to report its next quarterly results on Dec. 4.
Coffey had previously stated the bank’s plans to head east. "I see a company that serves America's largest and most dynamic markets … with a much larger business in New York and along the East Coast," Coffey said in an American Banker story published in September.