City National Bank to Raise Its Prime Interest Rate to 5 Percent.LOS ANGELES -- City National Bank (NYSE NYSE See: New York Stock Exchange :CYN), the second largest independent bank headquartered in California, today announced that it will raise 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 4.75 percent to 5.00 percent effective Wednesday, November 10, 2004. About City National City National Corporation is a financial services company with $14 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 52 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. . The company and its affiliates manage more than $15 billion of client trust and investment assets. Assets under management or administration amount to more than $33 billion. For more information about City National, visit the company's Website at http://cnb.com. |
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