City National Bank's issuer rating upgraded.BEVERLY HILLS Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Calif.--(BUSINESS WIRE)--May 23, 1996--City National Corporation (NYSE NYSE See: New York Stock Exchange :CYN CYN Canyon ), parent of City National Bank, Thursday announced that Thomson BankWatch has upgraded the Bank's Issuer and Short Term Ratings to "B" from "B/C B/C Because B/C Broadcast B/C Boundary Conditions B/C Biological & Chemical ". In making the upgrade, the rating service cited City National's "solid level of profitability recorded over the last two years," a level Thomson believes "is sustainable", along with "measurable improvement" in asset quality. Other factors cited by Thomson in its upgrade were the Bank's strong loan loss reserves and capital measures. "This latest rating upgrade validates and reflects our commitment to maintaining City National's considerable financial strength, appropriate to the largest independent bank headquartered in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, ," said Frank Pekny, vice chairman and chief financial officer. City National Corporation's principal subsidiary is City National Bank, a federally chartered commercial bank with assets of $3.8 billion at March 31, 1996. Headquartered in Beverly Hills, City National has 23 offices throughout Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Orange and San Diego counties. For more information about City National, please call our Fax-On-Demand Information Service. The 24-hour toll-free number is 800/873-5293. CONTACT: Financial: Media: Frank Pekny Jim Dunnigan City National Bank City National Bank 310/888-6700 310/888-6636 or Craig Parsons Pondel Parsons & Wilkinson 310/207-9300 |
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