City National Bank, a wholly owned subsidiary of City National Corp. (CYN: Quote), 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
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