City National Acquired for $5.4 Billion

City National Bank of Los Angeles has been acquired by Royal Bank of Canada for $5.4 billion, or $93.80 a share, in a cash-and-stock deal, the Los Angeles Business Journal reports. The deal lets L.A.’s largest locally headquartered bank operate as a separate entity while giving its new Canadian parent a stronger U.S. foothold. City National, long known as the banker to the stars, lent Frank Sinatra $100,000 to pay ransom for his kidnapped son in 1963.