BEVERLY HILLS, Calif. -- City National Corp. said its rights offering to shareholders, completed on June 3, was oversubscribed.
The company said 12.7 million shares will be issued as a result of the sale, an offering to management, and an arrangement for standby purchasers.
The issue raised $81 million before costs.
The rights offering enabled a subsidiary, City National Bank, to surpass the $65 million capital requirement set under an agreement with the Comptroller of the Currency.