City National Corp. in Los Angeles announced Thursday that it has completed repaying the Treasury Department's $400 million investment made under the Troubled Asset Relief Program.
The $21 billion-asset company had said it intended to repay the Tarp funds when it raised $550 million through debt and equity issuances in 2009. Yet it repaid only $200 million on Dec. 30.
City National won the bidding for the failed Imperial Capital Bank in La Jolla, Calif., and the bank's $3.26 billion of assets on Dec. 18.
