City National Corp. has agreed to buy Lydian Wealth Management for an undisclosed price, the Beverly Hills bank said Tuesday.

The bank said the move was an effort to tap into the Rockville, Md. institution’s base of affluent clients. The transaction is expected to reduce City National’s earnings by 1 cent per share in 2007.

Lydian, founded in 1994, oversees $7.3 billion in assets for individuals generally with a net worth exceeding $40 million. Following the merger, Lydian will change its name to Convergent Wealth Advisors.

Shares in City National were down $1.12, or 1.5 percent, to $74.30 in afternoon trading Tuesday on the New York Stock Exchange.