City National

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“Our long-term goal is to cover the saidSteve Green, City National’s regional manager for Centrak Florida. “There really isn’t a Florida-dominany bank today that does City National likely will add locations througbh both acquisitions andnew construction, Green said. If City Nationapl succeeds, it will occupy a niche largely left emptyh since Barnett Bank became part of Nationsbank in the Florida banking today is a mix of communituy banks withlimited operations, regional lenders such as SunTrust Banka and giant banks, which include Bank of JP Morgan Chase and Wells Fargo.
A well-financed lender that focusesz on the state could offert customers the personal attention of community bankd combined with the financial clout to make big said Green. The bank’s new localp branch — its stafvf of eight occupying the space formerly usedby Sergio’s Restaurantt — faces the towering Bank of Americaz building on North Orange Avenue, a physicao reminder of the giant competitors City Nationall will face as it pursues its growth strategy. City Nationapl is one of Soutyh Florida’s oldest financial institutions.
Until it openex a small loan office on the second floor of an Altamonte Springs office building twoyears ago, the 63-year-old bank operatef exclusively in Miami-Dade, Browards and Palm Beach counties. The opportunity to reach beyond its historixc turf came last fall whenCaja Madrid, a Spanish lender with more than $300 billiob in assets, bought an 83 percent stake in City Nationa for $927 million. Green said Caja Madrid’s ownershil and City National’s strong balance sheet givesa it the resources to undertake expansion when othetr lenders arecutting staff. “We aren’t focusefd on the issues troubling the rest of thebankintg industry,” Green said.
“Wew have a partner in Caja that’s capable of helpingf us grow inthe ­Florida marketplace.” City National’s most recent quarterly reportt depicts a bank with strong capitapl reserves and a $903,00 profit. J. Clay Singleton, a financee professor at , said a strong Florida bank with the capital to expane could do well even asthe so-calleds megabanks expand their reach. “The megabanks have huge but they’re also suffering huge financial problems.
If you’red a lender with money, this is a time to Marshall Vermillion, senior vice president of communitlender , said City Nationakl has strong leadership and solid “Positioning yourself to take advantagew of the unrest in the banking business is wise. Things are going to come and this is a good time to As a professor of mine in business school once the best time to get on a train iswhen it’s stopped.
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