City National Bank to Lower Its Prime Interest Rate to 5.5 Percent.Business Editors LOS ANGELES--(BUSINESS WIRE)--Oct. 2, 2001 City National Bank today announced it will lower its prime lending rate The lowest rate of interest that a financial institution, such as a bank, charges its best customers, usually large corporations, for short-term unsecured loans. The prime lending rate is an economic indicator and is often used as a measuring point for adjusting interest from 6 percent to 5.5 percent, effective Oct. 3, 2001. City National Corp. is a publicly owned corporation with $9.1 billion in assets. Its stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CYN CYN Canyon ." The corporation's 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, provides banking, trust and investment services through 49 offices in Contra Costa, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Francisco, San Mateo, Santa Clara and Ventura counties. For more information about City National Bank, visit the company's Web site at www.cnb.com. |
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