Growth Drives City National to Office Market.City National Bank is shopping for 240,000 square feet of office space downtown or in Burbank where it can consolidate its back office banking operations. The bank, which has 49 branches primarily in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , has spent the last six months looking at several locations that can provide enough space to house the bank's cash vaults, check processing operations and main frame computers now scattered over five different locations. About 600 employees would work in the center. The Beverly Hills-based bank is being represented by Lynn Williams Lynn Williams can refer to:
"It is something that makes good sense in light of the company's continued growth," said City National Bank spokesman Cary Walker. Analysts, however, wager that the bank wants to consolidate its banking operations center The facility or location on an installation, base, or facility used by the commander to command, control, and coordinate all crisis activities. See also base defense operations center; command center. because of future expansion plans. Last year, City National Corp., the parent company of City National Bank, moved into Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern when it purchased Pacific Bank of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden in a $145 million deal. "The bank is growing and consolidating its banking operations is reflective of that," said Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. analyst Brook Verndervliet. "I think in the future they may try to pull in additional asset management operations. ... I think acquisitions are more likely on that side rather than the traditional banking operations." The bank also wants to be sure it has a steady and cheap supply of electricity to withstand any power shortage the area may face in the future. Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Burbank each has their own municipal power supply, which is one of the reasons they were chosen. City National Bank, which first opened its doors for business in 1954, has had a niche market consisting. of small to midsized businesses, entrepreneurs and professionals in Southern California. The company has made several other acquisitions. Last year City National completed acquisition of Reed, Conner & Birdwell Inc., a Los Angeles investment management firm with $1.1 billion in total client assets. In 1999, the bank acquired American Pacific State Bank in Sherman Oaks, and in 1998 it acquired the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Trust Co. Associate Editor Michael Stremfel contributed to this report. |
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