City National Receives Authorization to Buy Back More Stock.LOS ANGELES -- City National Corporation's board of directors today authorized the company to repurchase an additional 1.5 million shares, subject to market conditions. The company has nearly completed the 1.5-million-share buyback program announced on April 26. "Over the past 11 years, City National has repurchased more than 12 million shares of its stock," said President and Chief Executive Officer Russell Goldsmith. "This longstanding share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. commitment, coupled with a cash dividend that has increased 530 percent since 1995, reflects the company's strong commitment to effective capital management and growing shareholder value." 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 repurchased almost 1.5 million shares in the second quarter of 2006 and had 2.2 million shares in its treasury on June 30. The company will announce second-quarter financial results on July 19, 2006. About City National City National Corporation (NYSE NYSE See: New York Stock Exchange :CYN CYN Canyon ) is a financial services company with $14.7 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 California's Premier Private and Business Bank(R). It provides banking, investment and trust services through 55 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 or administer more than $48 billion in client trust and investment assets, including more than $27 billion under direct management. |
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