City National (CYN) in Los Angeles and EverBank Financial (EVER) in Jacksonville, Fla., priced preferred-stock offerings.
In its $175 million offering, the $24.4 billion-asset City National is selling 7 million depositary shares at $25 each, the company said Monday. Each depositary share represents a one-fortieth interest in a Series C preferred share. The funds, which qualify as Tier 1 capital, will be used for general corporate purposes, such as debt repayment. "City National is taking advantage of favorable market conditions to issue preferred stock," Russell Goldsmith, City National’s chief executive, said in a press release. "In light of the company's robust growth in loans and deposits over the past four years as well as its two recent acquisitions, we want to further enhance our strong capital ratios, which already significantly exceed regulatory minimums, and expand our capacity and flexibility for future growth.”