City National Corporation Increases Stock Repurchase Authorization, Declares Regular Quarterly Dividend.Business Editors LOS ANGELES--(BUSINESS WIRE)--Oct. 23, 2002 The board of directors of City National Corporation (NYSE NYSE See: New York Stock Exchange :CYN CYN Canyon ) today authorized an increase of 1 million shares to the corporation's current stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. The current program, which was approved on October 26, 2000, authorized City National to repurchase as many as 1 million shares. Since then, the corporation has repurchased 722,600 shares, including 228,600 shares (at an average price of $45.53) during October of this year. The corporation is still authorized to buy back the remaining 277,400 shares in addition to the authorization announced today. "This additional commitment to repurchase shares is an important element of City National's longstanding capital management program," said Chief Executive Officer Russell Goldsmith. "Since 1995, pursuant to our stock repurchase programs, we have bought back nearly 8 million shares of City National stock." Shares will be repurchased from time to time in open market transactions, and are expected to be used for employee stock options, possible future acquisitions and other general purposes. City National Corporation had 50,163,305 shares outstanding on September 30, 2002. City National's board of directors also announced a common stock cash dividend of $0.195 per share for the third quarter of 2002, payable on November 18, 2002 to stockholders of record on November 6, 2002. About City National City National Corporation is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with $11.3 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 11 full-service regional centers, in Southern California and 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 . The company has more than $19 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. |
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