City National Corp. (CYN) announced after the close Friday that its wholly owned subsidiary, City National Bank, acquired the banking operations of Imperial Capital Bank in a purchase and assumption agreement with the FDIC.
City National Corp. gapped up sharply Monday and climbed during the first hour of trade. The stock took out the highs of the session around mid-afternoon and closed up by $6.23 at $47.32 on the highest volume in over 7 months. Shares broke out to an 11 1/2 month high.
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