BEVERLY HILLS, Calif. - City National Corp. authorized the purchase of up to 5 percent, or 2.28 million shares, of the company's common stock from time to time in open-market transactions.

"This repurchase of City National common stock, combined with the recent increase in our dividend rate, and our desire to identify other investment opportunities, are all part of management's ongoing efforts to effectively manage City National's capital levels," said Bram Goldsmith, chairman and chief executive.

The company has approximately 45.6 million shares outstanding.

City National Corp.'s principal subsidiary is City National Bank, a $2.7 billion federally chartered commercial bank with headquarters in Beverly Hills and offices in Los Angeles, Orange and San Diego counties.

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