Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 11:35 PM
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Slide #541. City National Corporation — Preferred Stock Offering
City National Corporation (NASDAQ:CYN)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
City National Corporation, the parent company of wholly owned City National Bank, today priced a public offering of $175 million in 5.50 percent non-cumulative perpetual preferred stock, which qualifies as Tier 1 capital. The company is offering 7 million depositary shares at a price of $25 per share. Each depositary share represents a 1/40th interest in a share of its Series C preferred stock. Net proceeds will be used for general corporate purposes, including debt repayment. The offering is expected to close on or about November 13, 2012, subject to customary closing conditions.
City National is a bank and financial holding company. Co. provides a range of banking, investing and trust services. Co. provides financial products to individuals, entrepreneurs, personnel, their businesses and their families. Co.'s segments are Commercial and Private Banking, providing banking products and services, including commercial and mortgage lending, lines of credit, equipment lease financing, deposits, cash management services, international trade finance and letters of credit; and Wealth Management, which consisting of investment advisory affiliates and wealth management services. As of Dec 31 2014, Co. had total assets of $32.1 billion and total deposits of $28.11 billion.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 92% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com