LAS VEGAS, Nov. 8, 2010 (GLOBE NEWSWIRE) -- City National Bank, Nevada's Premier Private and Business Bank®, today announced that the conversion of Sun West Bank products, systems, signage and branches is now complete. City National now has a total of 10 Nevada branch locations to serve its clients.
In May of this year City National acquired the banking operations of Las Vegas-based Sun West Bank in a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC). Through this acquisition City National acquired approximately $352 million in assets, including about $252 million in loans that are subject to a loss-sharing agreement with the FDIC. City National also assumed about $311 million of deposits.
"We are very excited to have Sun West former clients fully integrated into our systems and banking centers," said Larry Charlton, Nevada regional executive for City National Bank. "We have enjoyed getting to know these clients over the past five months and we look forward to providing them with the same quality of service and financial solutions our clients have enjoyed for more than 55 years, and which has also made City National one of the top-performing banks in Nevada and the country."
With the conversion of Sun West branches, City National now has an expanded presence in Nevada. In southern Nevada the bank has a new full-service banking center in Green Valley at 8475 South Eastern Avenue, Suite 100, and a second branch location in the Summerlin area at 8531 West Lake Mead Boulevard. The bank also expanded its presence in the Reno market with a new regional center at 5470 Kietzke Lane.
"With a larger footprint and wide range of products and services, City National is quickly becoming a bank of choice for a lot of Nevada businesses and individuals who want to deal with a safe and sound financial institution," said John Wilcox, senior vice president and Nevada regional banking manager.
In addition to being able to access any branch location in Nevada, Sun West former clients now have access to any City National office in California and New York. Likewise, these clients can use any City National ATM in the three states at no charge. The use of other bank's ATMs can also be at no charge with certain City National products and services.
"We encourage all Sun West former clients to read or review once again the welcome package that was sent to them containing product and account information they need to know with this conversion," Wilcox added. "If they didn't receive a welcome kit or have any questions regarding this information, they are encouraged to contact any of our branch offices or call 800-773-7100."
With this transition there were 23 employees of Sun West who were placed with City National as full-time colleagues. The majority of those placements occurred in the Core Banking Division, which is the branch system of the bank, while others were placed in the Special Asset group and the Private Client Services group.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $21.8 billion in total assets, and provides banking, investment and trust services through 74 offices, including 17 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. The company and its investment affiliates manage or administer $56.9 billion in client investment assets, including nearly $36 billion under direct management.
City National has 10 branch offices in Nevada, including six in Las Vegas and one each in North Las Vegas, Reno, Carson City and Minden. The bank also has a loan production office at Stateline in South Lake Tahoe.
For more information about City National, visit the company's Website at cnb.com.
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CONTACT: City National Bank Media Contact: Paul C. Stowell 702-952-4415 firstname.lastname@example.org