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Since its founding in 1954, City National Bank has helped fund the development of hundreds of companies in industries ranging from agriculture and manufacturing to entertainment and world trade. City National has provided clients with access to important financial services, including loans that support economic development and job creation. In 2002, to further serve its bi-coastal California clients and prospective clients, the bank opened a private banking office in New York City. In 2007, City National merged with Business Bank of Nevada. In 2011 City National opened its second office in New York City - this one in the heart of Times Square - and its first offices in Nashville, Tennessee and Atlanta, Georgia.
City National fosters healthy communities through small business and community development lending and equity investments in projects that strengthen local neighborhoods.
11,500 loans to Small Businesses 2009 thru 2012 (CRA Exam 2102) 7,200 loans to Small Businesses 2013 thru 2014 (2 years of new exam cycle)
City National has a natural franchise for small business lending, which helps spur job creation. The bank’s latest Community Reinvestment Act (CRA) exam took place in June 2013 (the exam report is dated December 31, 2012), and looked at small business lending between January 2009 and December 2012. During that time, CNB made more than 11,500 small business loans, with 32 percent of them going to companies with $1 million or less in revenue. From January 2013 through December 2014, the bank made more than 7,200 small business loans, with 32 percent of them awarded to companies with $1 million or less in revenue.
In its 2012 CRA exam period, City National made $1.13 billion in community development loans, i.e., loans to promote economic development, revitalize low-income areas, and provide community services and affordable housing. Examples include:
During 2013 and 2014, the first two years of its new CRA exam cycle, CNB has already qualified $1.16 billion in community development loans. Noteworthy examples include:
On an ongoing basis, City National invests in community organizations that focus on economic development through small business lending and employment programs. Some current long-term partnerships include:
As of December 31, 2014, City National had $293 million in CRA-eligible investments, 98 percent of which support affordable housing.
City National continually teams with for-profit and nonprofit developers to create affordable housing opportunities in low- and moderate-income areas and for low- and moderate-income homebuyers and renters.
The bank has supported the creation of more than 3,100 affordable units through sponsorship of Federal Home Loan Bank grant subsidies totaling $ 21 million.
City National directly supports numerous community organizations dedicated to developing affordable housing:
In the last two years (2013 & 2014), City National awarded $ 2.6 million in CRA qualified charitable contributions to local nonprofits and community affiliations. The Affordable Housing and Economic Development categories received 8% and 14% of the dollars respectively, followed by Health and Welfare – 46%, Youth Services – 12%, Education – 18%, Arts and Culture – 1% and Religious – 1%.
City National Bank takes great pride in investing in the communities where we work, live, and conduct business. We believe these commitments are part of our DNA and that they define us as a corporate citizen. Accordingly, City National Bank annually contributes millions in support of charitable and civic programs and organizations that contribute to the long-term success and well-being of our communities.
City National encourages and supports colleagues' involvement in the community and offers a variety of volunteer opportunities for colleague participation. In 2014, our colleagues volunteered more than 23,000 hours to local community projects.
City National Bank awards a Dollars for Doers grant of up to $500 annually for a qualified non-profit for which a colleague volunteers 20 or more hours annually.
Bank volunteers also supported many community organizations in a variety of ways, ranging from board membership to community clean-up days. Overall, bank colleagues logged over 7,000 CRA qualified service hours.
Representation of City National on the board of directors and various committees include:
City National believes that literacy and financial education are key to ensuring the future success of tomorrow’s leaders. City National provides colleagues up to three hours of paid time off each month to read to students or teach financial education to grades K-12 in any public or private school in our markets via bank-organized literacy events or on their own.
Reading is The way up® (RITWU) is City National's own award winning literacy program designed to promote childhood reading and lifelong learning. RITWU supports schools and their students through donations, volunteer reading and local book drives. Through RITWU, to date, City National Bank has:
Widely recognized as a "best practices" Workplace Giving company, over 87 percent of City National colleagues participate in this annual campaign, contributing over $1,250,000 annually to help provide a critical safety net of education, empowerment and caring to those in need in the communities we serve. We feature 7 strategic partner organizations (below), as well as the option to direct your donation to any 501(c)3 of your choosing.
Started in 2011, City National coordinates an annual Back to School Supplies Drive to collect essential school supplies for students attending our neediest schools. City National colleagues donate nearly 1,000 backpacks annually, which are distributed to 31 elementary schools and organizations serving low- to moderate-income children in California, Georgia, Nevada, New York and Tennessee.
City National colleagues donate gently used business attire and professional accessories to numerous organizations that serve our communities and assist job-seekers to prepare for entry into the workforce. Items donated help provide men and women with the tools they need to project a positive image, boost their self-confidence and the self-esteem necessary to find and maintain employment, and achieve economic self-sufficiency.
City National has helped spearhead several important community programs to meet its community development goals.
City National’s Chairman Russell Goldsmith was named by Los Angeles Mayor Antonio Villaraigosa in 2008 to chair the Los Angeles Economy & Jobs Committee. In 2008, the group of top business, civic and community leaders submitted its plan for advancing the region's economy and creating more quality jobs. The committee released a report in 2008 with 100 recommendations that would grow the economy & create jobs.
In 2010 Russell Goldsmith was one of the founding members of the Los Angeles Coalition for the Economy & Jobs an independent, bipartisan membership organization, established in 2009, to bring together leaders from the region’s business, labor, academic and nonprofit communities to advance sound policy initiatives that will help to responsibly grow the economy and create quality jobs throughout the L.A. region. He currently serves as the Board Chair.