logo
Share SHARE
FONT-SIZE 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
The Federal Communications Commission or FCC will not take any action against CBS Corp.'s "Late Show with Stephen Colbert" despite receiving thousands of complaints about the talk show comedian's controversial joke about President Donald Trump. The U.S. government filed a civil lawsuit on Tuesday against Fiat Chrysler Automobiles, accusing the automaker of installing software in more than 100,000 diesel vehicles to cheat emission controls. The lawsuit alleges that Fiat Chrysler equipped nearly 104,000 light duty diesel vehicles containing 3.0 liter EcoDiesel engines with software functions that were not disclosed to regulators. A college degree is a necessity for a rewarding, well-paying job with possibility for career advancement and also for entry into most professional careers. On average, college graduates earn much more than high school graduates throughout their lifetime. In addition to the earnings potential, students...
comments powered by Disqus
Follow RTT