California's "bank to the stars" has released a new CD. But this one has no money, only music.
To mark and promote its strong performance last year, Beverly Hills- based City National Corp. has produced a compact disc with 10 popular songs that celebrate California culture.
Among the songs on the CD, entitled "A Record Year," are "Hotel California," "Good Vibrations," "California Dreaming," and "Surfin' USA."
On the back, the bank lists its own version of a Top 10 list, citing 10 accomplishments during 1996, including a 36% rise in net income to record earnings of $66.6 million. Also making the list were the company's acquisitions of First Los Angeles Bank, Ventura County National Bancorp, and Riverside National Bank. The additions of foreign exchange and agribusiness teams from Standard Chartered Bank and First Interstate Bank were also included.
The CD was sent out to reporters at between 100 and 150 news organizations, according to Jim A. Dunnigan, City National spokesman. He declined to reveal the cost because the bank is considering using it to attract customers, but said it's "comparable to putting out a brochure."
"Our objective was to figure out a vehicle that would allow us to tell our story to the media in a way that would raise our profile and generate some calls," he said.
The CD was produced by Golin/Harris Communications in Los Angeles and Downtime Broadcasting in Randolph, N.J.
Times are a-changin' for what may be the last company town in Oregon. And Bend-based Bank of the Cascades is helping it along.
Residents of tiny Gilchrist are working with the bank to finance the unusual privatization of about 120 homes once owned by a sawmill and lumber company.
The bank is working with the Federal National Mortgage Association and another federal agency to offer low- and no-down payment mortgages and some conventional credits to current tenants, who are first-time homebuyers.
"It was an interesting situation," said Phil Hamilton, manager of Bank of the Cascades' mortgage center. "We saw it as a challenge, but with enormous benefits for the community and the homebuyers."
Gilchrist, founded in the 1930s, had been owned and maintained until 1991 by Gilchrist Timber Co., which rented the homes out to mill workers. The timber and mill holdings were sold five years ago to Crown Pacific, who decided to sell it to Ernst Brothers LLC.
