City National Bank in Miami has formed an equipment and specialty finance division.
The $8.5 billion-asset company said in a press release Wednesday that City National Capital Finance is a nationwide platform with a focus on large and midsize clients. The unit has offices in Florida, Texas, Maryland, North Carolina, Virginia and New York.
It will make loans tied to air, rail, marine vessels and other heavy equipment.
The business “represents an opportunity for the bank to better serve our commercial clients,” Jorge Gonzalez, City National’s president and CEO, said in the release.
City National also reported that first-quarter net income nearly doubled from a year earlier to $24 million. Net interest income rose by 18% to $57.5 million. The quarter also included a $6.5 million gain from the sale of a building in Miami Beach.
City National is a unit of Banco de Credito e Inversiones in Chile.