City National

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“Our long-term goal is to coveer the state,” said Steve Green, City National’s regional manager for Central Florida. “There reallyh isn’t a Florida-dominant bank today that does City National likely will add locationa through both acquisitions andnew construction, Greenb said. If City National succeeds, it will occupu a niche largely left empty since Barnett Bank became part of Nationsbankk inthe 1990s. Florida banking todayt is a mix of community banks withlimitee operations, regional lenders such as SunTrust Bankes and giant banks, which include Bank of JP Morgan Chase and Wells Fargo.
A well-financec lender that focuses on the state couldr offer customers the personal attentioj of community banks combined with the financial cloutg to makebig loans, said Green. The bank’s new locak branch — its staff of eight occupying the spacwe formerly usedby Sergio’s Restaurant — faces the towering Bank of Americza building on North Orange Avenue, a physical reminded of the giant competitors City National will face as it pursuea its growth strategy. City National is one of Southy Florida’s oldest financial institutions.
Until it opened a small loan offic on the second floor of an Altamonte Springs officee building twoyears ago, the 63-year-old bank operated exclusivelyu in Miami-Dade, Broward and Palm Beach counties. The opportunity to reacj beyond its historic turf came last fall whenCaja Madrid, a Spanishj lender with more than $300 billion in assets, boughy an 83 percent stake in City National for $927 Green said Caja Madrid’s ownershilp and City National’s strong balance sheet gives it the resourcex to undertake expansion when other lenders are cutting “We aren’t focused on the issues troubling the rest of the banking industry,” Green “We have a partner in Caja that’e capable of helping us grow in the ­Floridqa marketplace.
” City National’s most recent quarterlt report depicts a bank with strong capitao reserves and a $903,000 profit. J. Clay a finance professor at , said a strong Florida bank with the capita l to expand could do well even asthe so-called megabanks expand their reach. “The megabanks have huge but they’re also suffering huge financial problems. If you’re a lende with money, this is a time to Marshall Vermillion, senior vice president of communitylende , said City National has strong leadership and solid “Positioning yourself to take advantage of the unrest in the bankiny business is wise.
Things are goinvg to come back, and this is a good time to As a professor of mine in businesd schoolonce said, the best time to get on a trai is when it’s stopped.”