City National to acquire Nevada bank
City National Corp. said Wednesday that it would buy Business Bank Corp. of Nevada in a $161 million cash-and-stock deal that would be the first out-of-state acquisition for the Beverly Hills bank.
City National Chief Executive Russell Goldsmith said the management team and most of the employees at the Nevada bank would stay on. The banks have a similar focus on business lending, although City National also has a large wealth-management operation -- a service it will market to affluent Business Bank customers, City National said.
Business Bank, based in Las Vegas, has seven branches and $490 million in assets.
City National, with $14.6 billion in assets, said it already had clients with business interests in Nevada and had about $100 million in loans outstanding in the state.
Business Bank shares soared $5.60, or 9.7%, to $63.60. City National added 1 cent to $66.57.
