City National Corp. announced Thursday that its directors have declared a special common stock cash dividend for the fourth quarter.
The Los Angeles bank company will pay a 25 cent special dividend plus its regular 25 cent dividend on Dec. 18 to shareholders of record on Dec. 3.
Chief Executive Russell Goldsmith said the dividends are the result of a successful financial year for the company, which has grown loan balances and deposits.
“Given the company’s 2012 earnings growth and capital strength, paying these dividends now is an appropriate and measured step that will benefit our shareholders,” he said in a statement.
Shares closed down 7 cents, or less than 1 percent, to $47.24 on the New York Stock Exchange.