City National Bank Provides City of Riverside With $20 Million Line of Credit to...

City National Bank Provides City of Riverside With $20 Million Line of Credit to
Help Purchase, Rehabilitate and Resell Vacant and Foreclosed Homes

RIVERSIDE, Calif., Sept. 16, 2009 (GLOBE NEWSWIRE) -- The City of Riverside has
secured a $20 million revolving line of credit from City National Bank to help
expand its neighborhood stabilization efforts targeting vacant, foreclosed and
abandoned homes throughout the city.

The credit facility will allow the city to effectively leverage federal and
local funding, thereby allowing it to acquire more homes in more neighborhoods
than by using federal and local dollars alone.

Through the Neighborhood Stabilization and Targets of Opportunity programs, the
Housing Authority of the City of Riverside acquires and rehabilitates distressed
properties that then are made available for sale to first-time homebuyers.
Lease-to-own and rental options are available for middle- to lower-income
households.

The credit facility almost triples the combined funding available to acquire
vacant and foreclosed homes. The more than $31.5 million in funding includes a
$5 million allocation from the city's Redevelopment Agency and a $6.5 million
Neighborhood Stabilization Program grant from the U.S. Department of Housing and
Urban Development (HUD).

To date, 20 residential properties have been acquired, with another 16 in the
preliminary stages of rehabilitation. The city has begun rehabilitating two of
the acquired properties.

The city intends to return to productive use another approximately 350 homes
that are located in high-visibility areas and neighborhoods with the highest
concentrations of foreclosed or at-risk properties.

Citywide, more than 4,400 properties -- almost 4.5 percent of all local housing
units -- went into foreclosure between July 1, 2007 and May 13, 2009. Using
federal guidelines, 34 of Riverside's 62 census tracts have been identified as
among the most severely impacted areas of the city.

"This partnership between the City of Riverside and City National Bank will make
a significant impact on our neighborhoods. It will allow us to purchase a
greater number of distressed homes and transform them from a negative impact on
the neighborhood to a positive example of pride in homeownership," according to
City of Riverside Mayor Ron Loveridge.

"This is an outstanding example of using public and private resources to address
a serious public issue," said Breck Fleming, senior vice president and manager
of City National Bank's Riverside Commercial Banking Services. "It's going to
take a concerted effort on the part of both to help our community recover and
City National, as the largest bank based in Southern California, is committed to
doing its part."

Funded Activities

The combination of public and private financing will be used by the city to:

* Acquire and rehabilitate homes for resale to income-eligible
first-time homebuyers and as part of a lease-to-own plan or
for rental to income-eligible families.
* Acquire and demolish homes whose rehabilitation costs would not
be cost-effective and convey those vacant properties to eligible
non-profit entities for new in-fill construction.
* Provide moderate-income homebuyers with down payment assistance
or interest rate reductions.
For information about the City of Riverside's housing programs, visit
http://www.riversideca.gov/housing/.

About the City of Riverside

With a population of more than 300,000, Riverside is the largest city in
Southern California's Inland Empire and the 12th largest city in the state. It
is home to four award-winning institutions of higher learning, including the
University of California, Riverside, the university system's fastest-growing
campus.

In January 2009, the California Department of Conservation recognized Riverside
as the state's first "Emerald City" in recognition of the city's sustainable
green initiatives and commitment to help the state achieve multiple
environmental priorities.

For more information about the City of Riverside, visit www.riversideca.gov.

About City National

City National Bank is the wholly owned subsidiary of City National Corporation
(NYSE:CYN). It is backed by $17.7 billion in total assets, and provides banking,
investment and trust services through 63 offices, including 15 full-service
regional centers, in Southern California, the San Francisco Bay Area, Nevada and
New York City. The company and its eight majority-owned investment affiliates
manage or administer $47.8 billion in client investment assets, including more
than $30 billion under direct management.

For more information about City National, visit the company's Website at
cnb.com.

The City National Bank logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3143

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CONTACT: City National Bank
Media Contacts:
David Garcia
213.673.7610
David.Garcia@cnb.com

City of Riverside
Eva Yakutis
951.826-5191
eyak@riversideca.gov