City National Corp., headquartered in downtown Los Angeles, said late Thursday that it is selling $250 million of trust preferred securities due in 2040, some of which might be used to pay back government bailout funds.

In a filing with the Securities and Exchange Commission, City National said it will pay a yield of 9.625 percent on the junior subordinated debt securities, issued by the company’s City National Capital Trust I unit.

City National said it expected to use the proceeds for general corporate purposes, possibly including repurchasing debt and other securities, as well as cashing out of the government’s Troubled Asset Relief Program.

In May, City National raised $100 million through a common stock offering to repay part of the $400 million it received through TARP.

J.P. Morgan Securities Inc., Barclays Capital Inc. and UBS Securities LLC will serve as joint book-running managers for the latest sale.