logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Member of Congress have reportedly been told President Donald Trump's administration has reached an agreement to put Chinese telecom giant ZTE Corp. back in business. Reports from the New York Times and Reuters said the deal brokered by the Commerce Department would require ZTE to pay a substantial... Delta Air Lines will resume non-stop flights between the U.S. and India next year, almost a decade after it exited the Indian market. The airline said Thursday that its decision to resume non-stop flights from the U.S. to India follows agreements between the U.S. and the governments of the United Arab Emirates and Qatar to address the issue of government subsidies provided to state-owned carriers. Mortgage rates continued their upward trend this week and hit a seven-year high, even as housing demand remained robust. According to data released Thursday by mortgage finance provider Freddie Mac, the 30-year fixed-rate mortgage rose to 4.66 percent in the week ending May 24, from 4.61 percent in the prior week and 3.95 percent a year ago. This is also the highest level since May 5, 2011.
Follow RTT