Monday, Oct. 27, 2008 | 1:34 p.m.
Los Angeles-based City National Bank said today it has received preliminary approval to sell $395 million worth of shares and warrants to the Treasury Department.
The bank has 15 regional offices in Nevada, Southern California, the San Francisco Bay Area and New York City.
The Treasury's investment in the bank is part of the department's $250 billion capital purchase program designed to help healthy institutions increase the flow of credit into the market.
"This investment further secures City National as one of the most strongly capitalized banks in the United States, which will expand our ability to meet the needs of our clients, shareholders and the communities we serve,'' said Russell Goldsmith, president and chief executive of City National Corp., in a statement. "We believe this investment represents a strong vote of confidence in City National, and we're pleased to participate in the Treasury's program to fortify the financial system and help support the nation's economic recovery.''
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