City National Acquires Nevada Bank

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City National Corp. said Thursday that it has completed its $167 million acquisition of Nevada-based Business Bank Corp.


The deal includes a payment of $77 million in cash and 1.1 million shares of City National stock. The acquisition is expected to be modestly accretive to earnings next year, the Beverly Hills-based bank said in a statement.


The Nevada bank has seven offices in Las Vegas, North Las Vegas, Reno, Carson City and Minden. City National will now have a total 61 offices in Southern California, the San Francisco Bay Area, Nevada and New York City.


Shares in City National were down 25 cents, or less than 1 percent, to $72.01 in trading Thursday on the New York Stock Exchange.

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