From Times Staff and Wire Reports
City National to Omit Dividend: The Beverly Hills bank, long one of the state’s healthiest, added that it will set aside an additional $30 million for possible losses on loans because of uncertainties in the economy. The bank said the provision will result in a loss for the third quarter and possibly a loss for the nine months ending Sept. 30. A senior bank executive said he believes that the third quarter will mark the first time the bank has omitted its dividend since it started paying them in 1963. City National said its levels of capital--the cushion banks maintain to protect against losses--remains well above levels required by regulators.