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Article: Stock Run-Up Fuels Talk that Calif. Bank Is for Sale.(City National Corp.)
- Article from:
- American Banker
- Article date:
- August 25, 1999
- Author:
CopyrightCOPYRIGHT 1999 SourceMedia, Inc. 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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Heavy trading in shares of City National Corp. last week has led to rumors that the Beverly Hills, Calif., company is on the block.
More than 1.7 million of City National's shares changed hands from Aug. 16 through 20, nearly two-and-one-half-times the average weekly volume. Last Wednesday a whopping 865,000 shares were traded, propelling the stock price above $36 a share for the first time in a month.
Volume has since subsided, and shares in the $6.3 billion-asset City National have retreated. The stock was trading at $35, up 87.5 cents, at midday Tuesday.
Nevertheless, rumors persist about a takeover of City National because it is the largest ...