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City National Bank in Los Angeles said Thursday that its first-quarter profit climbed 14% from the same period last year, fueled by a surge in real estate construction and commercial lending.
April 23 -
Amid heartbreaking tales told by distressed homeowners and reverse mortgage holders, many community groups praised OneWest CEO Joseph Otting for spending time speaking to them and hearing their communities' concerns.
February 26 -
Steven Sugarman, chief executive at Banc of California, recently completed a large branch acquisition after a public battle with an advocacy group. In a recent interview, he discussed that process as well as the bank's busy year both the good and the bad.
November 18
City National Bank has agreed to commit $11 billion in Community Reinvestment Act spending over the next five years in connection with its
Its commitment was announced Friday by the California Reinvestment Coalition, whose members had urged the bank to increase CRA spending as a condition of the deal, said Paulina Gonzalez, the nonprofits executive director.
RBC announced in January that it is buying City National for about $5.4 billion. City National is expected to retain its name, operating as a unit of RBC, once the deal closes later this year.
The nonprofit said that City National has agreed to provide $4.2 billion in small-business loans, $4.4 billion in community redevelopment loans, and $1.6 billion in qualified CRA investments over five years. It also plans to originate $700 million in residential mortgages to minority borrowers and make $30 million in charitable contributions.
City National will increase its Small Business Administration lending to $140 million a year, with half of that amount each year directed at low-and moderate-income census tracts. That commitment would place City National among the top 30 SBA lenders in the country; currently it is not ranked among the top 100, according to SBA data.
The bank also will invest a minimum of $14 million a year in Community Development Financial Institutions that provide financing for affordable housing.
City National also has agreed to develop a checking account for unbanked or underbanked communities. The bank has even agreed to reconfigure its ATMs to waive out-of-network surcharges for California public assistance recipients that use Electronic Benefit Transfer cards.
