Parent company of wholly-owned City National Bank, City National
Corp.(CYN) announced Friday that its bank has acquired the banking
operations of La Jolla, Calif.-based Imperial Capital Bank in a
Federal Deposit Insurance Corporation or FDIC assisted transaction.
This follows a decision by the California Department of Financial
Institutions to close Imperial Capital Bank and appoint the FDIC as
receiver. City National would acquire $3.4 billion in assets and
$2.2 billion in deposits, including $500 million of core deposits.
City National expects the acquisition to be immediately accretive
to earnings per share.view original article