In a harbinger of what may be a flood of similar disclosures, City National Bank in Beverly Hills said Sunday that it would receive a $395-million capital infusion from the U.S. Treasury as part of the government’s $250-billion bailout program.
The bank said it had no “explicit or implicit understanding” with federal regulators about how it would use the money — whether to increase lending in the community or acquire a specific bank.
–
Read the full
Los Angeles Times
story.