Key Developments: City National Corp (CYN)
60.52USD
19 Jun 2013
$-0.51 (-0.84%)
$61.03
$60.95
$60.96
$60.20
381,069
323,043
$64.09
$46.65
Latest Key Developments (Source: Significant Developments)
City National Corp Announces Quarterly Common Stock Cash Dividend
City National Corp announced that Board of Directors has maintained and approved a quarterly common stock cash dividend of $0.25 per share, payable on May 15, 2013 to stockholders of record on May 1, 2013. The Board has also authorized a quarterly cash dividend of $13.75 per share on the 5.50% Non-Cumulative Perpetual Preferred Stock, Series C (equivalent to $0.34375 per related depositary share), payable on May 13, 2013 to shareholders of record on April 29, 2013. Full Article
City National Corp Reaffirms FY 2013 Net Income Guidance
City National Corp announced that for fiscal 2013, it expects net income to grow modestly. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report net income of $208 million for fiscal 2013. Full Article
City National Corp Comments On FY 2013 Net Income Guidance
City National Corp announced that for fiscal 2013, it expects net income to grow very modestly. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report net income of $211 million for fiscal 2013. Full Article
City National Corp Announces Quarterly and Special Cash Dividends
City National Corp announced that its board of directors has declared a regular fourth-quarter common stock cash dividend of $0.25 per share and is accelerating its payment into the fourth quarter of 2012. The board also declared a special common stock cash dividend of $0.25 per share. This will result in a cumulative dividend of $0.50 per share, which will be paid on December 18, 2012, to shareholders of record on December 3, 2012. Full Article
City National Corp Prices Preferred Stock Offering
City National Corp announced that it has public offering of $175 million in 5.50% non-cumulative perpetual preferred stock, which qualifies as Tier 1 capital. The Company is offering 7 million depositary shares at a price of $25 per share. Each depositary share represents a 1/40th interest in a share of Series C preferred stock. Net proceeds will be used for general corporate purposes, including debt repayment. The offering is expected to close on or about November 13, 2012. Goldman, Sachs & Co. and J.P. Morgan were joint book-running managers for the transaction. Co-managers were RBC Capital Markets; Keefe, Bruyette & Woods, Inc.; Sandler O'Neill + Partners, L.P. and Wedbush Securities. Full Article
City National Corp.'s City National Bank Completes Acquisition Of Rochdale Investment Management
City National Bank, a wholly owned subsidiary of City National Corp., announced that it completed its acquisition of Rochdale Investment Management, a New York City-based investment firm that manages assets for affluent and high-net-worth clients and their financial advisors across the nation. City National announced plans to acquire the $4.8 billion firm on April 25 of this year. Rochdale will combine with City National Asset Management to form a new registered investment advisor within the bank's wealth management group. The new firm, City National Rochdale Investments, will operate as a wholly owned subsidiary of City National Bank. It will manage approximately $18 billion in client assets. City National expects the integration of the two firms to be completed early next year. Until then, they will continue to operate under the Rochdale Investment Management and City National Asset Management names. Full Article
City National Corp.'s City National Bank Prices Subordinated Debt Offering
City National Bank, a wholly owned subsidiary of City National Corp, priced an offering of $150 million of subordinated debt securities. The securities bear a fixed interest rate of 5.375% and will pay interest semi-annually. They will mature on July 15, 2022 and are not redeemable prior to that time. Proceeds from the securities will qualify as Tier 2 capital, and City National intends to use them for general corporate purposes, including to pay off and reduce short-term wholesale deposits and other borrowings. The offering is expected to close on June 20, 2012, subject to the satisfaction of customary closing conditions. Goldman Sachs & Co. and J.P. Morgan Securities LLC were joint bookrunners for the debt transaction. Co-managers were City National Securities, Inc., Keefe, Bruyette & Woods, Inc., and Sandler O'Neill & Partners, L.P. Full Article
City National Corp.'s City National Bank To Acquire Rochdale Investment Management
City National Bank, a wholly owned subsidiary of City National Corporation announced that that it has entered into a definitive agreement to acquire Rochdale Investment Management, a New York City-based investment firm that manages assets for affluent and high-net-worth clients and their financial advisors across the nation. Rochdale will be combined with City National Asset Management to create an $18 billion investment management firm called City National Rochdale Investment Management. It will offer a wide array of equity, fixed income and non-traditional investment alternatives. The new firm, a wholly owned subsidiary of City National Bank, will operate separately as a registered investment advisor within the bank's wealth management group. City National expects the acquisition of Rochdale to close by the end of the second quarter of this year. Financial terms were not disclosed. Full Article
City National Corporation's City National Bank To Acquire First American Equipment Finance
City National Bank, the wholly owned subsidiary of City National Corporation, announced that it has entered into a definitive agreement to acquire First American Equipment Finance, a privately owned, full-service mid-ticket equipment leasing company that owns and services approximately $325 million in assets. Headquartered in Rochester, New York, First American Equipment Finance leases technology and office equipment nationwide. Its clients include educational institutions, hospitals and health systems, large law firms, insurance underwriters, enterprise businesses, professional service businesses and nonprofit organizations. First American's CEO, Bill Verhelle, and his management team will continue to lead the company, which will operate as a wholly owned subsidiary of City National Bank. Verhelle will report to the bank's president, Christopher Warmuth. The all-cash transaction is expected to close in the second quarter of this year. The Alta Group acted as a financial advisor to City National. Full Article
City National Corp. Reaffirms FY 2012 Net In Come Guidance
City National Corp. announced that for fiscal 2012, it anticipates continuing net income growth. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report net income of $187 million for fiscal 2012. Full Article
Fitch Affirms City National's IDR at 'A-'; Outlook Stable
(The following statement was released by the rating agency) NEW YORK, May 07 (Fitch) Fitch Ratings has affirmed the Long-term Issuer Default Rating (IDR) and Short-term IDR of City National Corporation (CYN) and its lead bank subsidiary, City National Bank, at 'A-' and 'F1', respectively. The Rating Outlook is Stable. A complete list of ratings affected by this action is provided at the end of this release. RATING ACTION RATIONALE The affirmation reflects CYN's strong deposit franchise, soli
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
