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Article: City National wants to be more than 'bank of the stars'.(Company overview)
- Article from:
- Los Angeles Business Journal
- Article date:
- November 6, 2006
- Author:
CopyrightCOPYRIGHT 2006 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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RISING interest rates in recent months and a softening housing sector have taken some wind out of the sails of Beverly Hills-based City National Corp., the largest independent bank company in the L.A. area.
Indeed, City National in June revised its earnings outlook for 2006 to between $4.65 to $4.78 per share, down from earlier outlooks in the low-$5 range.
The company, which owns City National Bank, cited rising short-term interest rates, which both raised borrowing costs and prompted business customers to shift funds from core non-interest beating deposits to higher-yield accounts and instruments, some of which are not managed by City National.