City National Corp. of Beverly Hills said Wednesday that has agreed to purchase Business Bank Corp. of Nevada for $161 million in cash and stock.
Business Bank of Nevada was founded in 1995 and today is one of that state’s leading independent business banks, the Beverly Hills-based bank said. The Nevada bank operates seven branches in Nevada and has assets of about $490 million, with loans of $380 million and deposits of $428 million. The acquisition is expected to close in the first quarter of 2007.
Shares in City National, which owns City National Bank, were down 5 cents to $66.51 in early trading Wednesday.
