Plus   Neg

City National Bank To Buy First American Equipment Finance - Quick Facts

City National Bank, a wholly owned subsidiary of City National Corp. (CYN), said it has entered into a definitive agreement to acquire privately-owned First American Equipment Finance.

The all-cash transaction will be modestly accretive to earnings in 2012.

"In order to expand its long-standing leasing business, City National identified First American Equipment Finance as the best company to add to its organization," said City National Bank Chairman and Chief Executive Officer Russell Goldsmith.

First American's CEO, Bill Verhelle, and his management team will continue to lead the company, which will operate as a wholly owned subsidiary of City National Bank. Verhelle will report to the bank's president, Christopher Warmuth.

The deal is expected to close in the second quarter of this year.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Galaxy Entertainment Group (WYNN) Friday announced that it has agreed to purchase 5.3 million primary shares of Wynn Resorts Ltd. at a price of $175 a share, resulting in $927.50 million of gross proceeds to Wynn Resorts. The two sale, combined with a previous sale effectively eliminate ownership of founder and former CEO Steve Wynn in Wynn Resorts. Starbucks wants to be more efficient but it is risking the fragile loyalty of its most devoted customers. The ubiquitous chain plans a major push to get coffee lovers to use its mobile app to place their orders, but regulars prefer to buy their lattes by waiting in the queue. According to reports,... Taco Bell, the Mexican fast-food chain owned by Yum Brands Inc. (YUM), Thursday said it will start selling tortilla chips in grocery and convenience stores starting May. The chips will be available in Fire and Mild sauce packet flavors and also in a Classic flavor. "This launch of our first line...
comments powered by Disqus
Follow RTT