City National Bank Provides $17.5 Million Credit Facility To Tier Technologies.Business Editors WALNUT CREEK, Calif.--(BUSINESS WIRE)--May 13, 2003 City National Bank, the second largest independent bank headquartered in California, and Tier Technologies (Nasdaq: TIER) announced today that City National has provided $17.5 million in financing to Walnut Creek, Calif.-based Tier, a diversified information technology and business consulting company. According to Tier's Chief Financial Officer Laura B. DePole, the City National facility, which includes a $15 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. and $2.5 million equipment line, will be used for general capital management purposes and to fund future equipment purchases. The City National facility replaces a facility provided by another financial institution. Tier has no outstanding borrowings against the facility. "City National took the time to get to know our business and put together financing that meets our current business needs," said DePole. "The bank was able to offer us a combination of full capabilities and high-quality personal service." In addition to financing, City National relationship managers Joseph McCarthy, senior vice president and senior lender, and Sascha Anderson, vice president, put together a financial solution for Tier that also includes deposit and cash management services. "We're extremely pleased and proud to have established this new relationship with Tier Technologies," said Arlene Gould, senior vice president and manager of Commercial Banking Services at City National's Walnut Creek Regional Center. "City National was founded nearly 50 years ago to serve innovative, fast-growing companies like Tier, and we hope to contribute to its continued success." About Tier Tier is a vertically-focused consulting firm that provides business and information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. , systems design and integration, transaction processing, business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in and business process reengineering See reengineering. for its clients primarily in the state and local government, healthcare, insurance and utilities markets. Tier brings specific industry knowledge, proven delivery capability and proprietary applications to its client relationships. The combination of domain expertise and technical capability allow Tier to provide solutions that link increased operating efficiencies with systems and technology improvements. Tier serves Fortune 1000 companies and government entities and is included in the Russell 3000(R) Index, issued by Frank Russell Company and has been ranked by Forbes Magazine as one of the "200 Best Small Companies" in America for 2002. About City National City National Corporation (NYSE NYSE See: New York Stock Exchange : CYN) is a financial services company with $12 billion in total assets. Its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , City National Bank, is the second largest independent bank headquartered in California. As California's Premier Private and Business Bank(R), City National provides banking, investment and trust services through 54 offices, including 12 full-service regional centers, in Southern California, the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay and New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . At March 31, 2003, the company had $19.8 billion in investment and trust assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. or administration. For more information about City National, visit the company's Web site at cnb.com. |
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