BEVERLY HILLS, Calif. - City National Corp said its board has authorized the repurchase of up to 5%, or 2.28 million shares, of the company's stock on the open market.

The repurchase program, combined with a recent dividend increase and an ongoing search for investment opportunities, is part of a management effort to manage the company's capital levels, according to Bram Goldsmith, chairman and chief executive officer.

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