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City National Bank customers in select cities will soon be able to withdraw cash from ATMs while leaving their debit cards at home, thanks to a pilot program by City National (CYN) and bank technology provider FIS.
October 4 -
City National Bank (CYN) in Los Angeles has combined two wealth management businesses into an investment advisory firm that manages $20 billion.
September 10 -
The chairman of City National Corp. in Los Angeles is passing the role to his son.
September 30
City National Corp. (CYN) in Los Angeles boosted its quarterly earnings due to improvements in asset quality and increased lending income.
The $29.1 billion-asset company earned $63.6 million in the third quarter, up 6% from the same period in 2012, it announced Thursday. Earnings per share were $1.10, 10 cents above the average estimates of analysts polled by Bloomberg.
City National's net interest income was $214.3 million, up 2% from the year-prior period, as average loan balances rose 18%, to $16 billion. Its net interest margin fell 28 basis points, however, to 3.30%.
The company made a $2.5 million provision for loan losses, after recording a $21 million provision in the year-prior period, due to a decline in expected losses on loans covered by the FDIC. It recovered $6.8 million of previously charged-off loans in the quarter.
City National's noninterest income fell 17%, to $88.9 million, due to an increase in costs of loss-sharing agreements with the Federal Deposit Insurance Corp. related to failed-bank deals. City National recorded $21 million in loss-sharing expense, compared to $1.7 million in loss-sharing income in the third quarter of 2012. Apart from this cost, City National's noninterest income increased, on higher revenue from trust and investment fees and gains on securities sales.
Noninterest expense rose 1%, to $209.4 million.
Last month, City National
