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.

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