City National builds out defense business with two new hires

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City National Bank in Los Angeles has hired two bankers away from MUFG Union Bank and Bank of America to join its growing team of specialists serving the aerospace and defense industry.

The U.S. subsidiary of the Royal Bank of Canada said Wednesday that it has named Jon VanDerMeid senior vice president and credit manager and Laura Dodd vice president and relationship manager. The team is based in Southern California, though the $50.3 billion-asset City National ultimately wants to have aerospace and defense bankers on both coasts.

“We are very excited and fortunate to have both Jon and Laura join City National and our growing team of aerospace and defense banking professionals,” Matt Griesbach, head of the bank’s aerospace and defense business, said in a press release. “These are two highly qualified A&D bankers who know this industry inside and out, and who have the experience and the network of companies and clients to help City National make strong inroads into this industry.”

VanDerMeid will be responsible for managing a team of credit officers focused on the aerospace, defense and government services sector. The team will be based in Orange County, Calif., and will serve clients with revenues of $50 million to $5 billion.

VanDerMeid has more than 14 years of experience in commercial and investment banking, with five years focused on aerospace and defense specifically, the bank said. Before joining City National, he was a director and credit manager at MUFG Union Bank, the San Francisco-based unit of the Japanese banking giant Mitsubishi UFJ Financial Group. He has also held credit roles at Bank of America and JPMorgan Chase.

Dodd will be based in San Diego, and she will manage and advise a portfolio of commercial clients in the sector, City National said. She has been in banking for over seven years, with more than half of that time spent banking the aerospace and defense sector. Previously, she worked at Bank of America as a vice president and relationship manager in the San Diego market.

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