LOS ANGELES, May 25, 2011 (GLOBE NEWSWIRE) -- City National Bank announced today that Martin S. Chin and Brent N. Phillips have joined the organization to lead and expand its Capital Finance unit, which provides asset-based loans to qualified commercial borrowers.
Chin will serve as senior vice president and Capital Finance unit team manager, reporting to Bob Iritani, executive vice president, Specialty Banking. Phillips will report to Chin as vice president and Capital Finance unit relationship manager. They join City National from the Los Angeles office of Allied Irish Bank.
The Capital Finance unit led by Chin and Phillips has approximately $170 million in outstanding loan balances. This highly diversified portfolio consists of positions in syndicated loans and credit lines that were made to large companies with high-quality brands. It contains no significant geographic or industry concentration. Chin and Phillips will continue to grow the Capital Finance unit and expand client relationships by making available a broad array of City National's other services.
"We're very pleased to have Martin and Brent join our team," said Iritani. "They are both well-known and well-respected in the industry and in our community, and bring with them a wealth of experience that will help City National grow its asset-based lending business and further diversify its loan portfolio."
Chin and Phillips have more than 30 years of combined experience in secured financing and syndicated transactions.
Chin most recently served as senior vice president and director of asset-based lending for Allied Irish Bank. He joined the Dublin-based institution in 2003 and was responsible for managing and growing its asset-based lending unit. Prior to that, Chin was with Wells Fargo Capital Finance, where he served as vice president and syndications officer for five years.
Chin holds a master's degree in finance from Pepperdine University Graziadio School of Business and Management in Malibu, Calif., and a bachelor's degree in finance from the University of Southern California. He also is a Certified Treasury Executive and Certified Cash Manager, and a member of the Commercial Finance Association and the Association for Financial Professionals. He resides in Los Angeles.
Phillips joined Allied Irish's asset-based lending unit in 2008 as vice president and portfolio manager, responsible for underwriting, closing and managing senior secured financing transactions. Previously, he was with CIT Group for 18 years, serving as underwriting manager for both CIT Commercial Services and CIT Business Credit, and as a vice president with CIT Credit Finance.
Phillips holds a master's degree in business administration from the University of California, Los Angeles, and a bachelor's degree in economics from the University of California, San Diego. He resides in Encino, Calif.
For a link to Chin's photo:
For a link to Phillips' photo:
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $21.6 billion in total assets, and provides banking, investment and trust services through 80 offices, including 16 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 $60.1 billion in client investment assets, including nearly $38 billion under direct management.
For more information about City National, visit the company's Website at cnb.com.
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CONTACT: Investor Contact: Christopher J. Carey, City National Bank, 310.888.6777 Chris.Carey@cnb.com Media Contact: Cary Walker, City National Bank, 213.673.7615 Cary.Walker@cnb.com