City National Acquires Banking Operations Of Imperial Capital Bank - Update

City National Acquires Banking Operations Of Imperial Capital Bank - Update

  • Posted Saturday, December 19, 2009 -
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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

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