Already an active lender to franchisees of fast-food restaurants, City National Corp. in Los Angeles is opening a loan office in Seattle as part of its strategy to broaden the scope of its restaurant financing.
The $23 billion-asset company said Monday that it has hired four lenders from GE Capital Franchise Finance to focus on franchise financing in all 50 states. City National's existing restaurant lending team now targets "quick-service restaurants" — including McDonald's, Taco Bell, Jack-in-the-Box and Carl's Jr. — and with the new hires the bank intends to expand into new restaurant concepts.
"This is a big step forward for our franchise finance department and a huge opportunity for City National," Robert Iritani, executive vice president and manager of specialty banking for City National, said in a news release. "Because of their extensive experience, this team can hit the ground running and lead us into new markets."
Mark Hughes, who has more than 20 years of restaurant lending experience, will focus on the Midwest. He will report to franchise finance manager David Sandoval.
Chris Poppe, with 14 years of experience, will focus on western states, and Tammy Welch, who has 20 years of lending experience, will focus on the eastern U.S. They will both report to Hughes.
David Carr, who has 20 years of experience in restaurant and middle-market lending, will be responsible for credit and underwriting.
City National's Chief Financial Officer Christopher Carey outlined the company's growth plans at a conference in San Francisco last week. He told investors and analysts that bank was primarily
City National has acquired four failed banks in California and Nevada in recent years. Last year it also opened offices in New York, Atlanta and Nashville to focus largely on clients in the entertainment industry.
