City National Bank Acquired for $5B

This week, Toronto-based Royal Bank of Canada finalized its acquisition of L.A.’s City National Bank for $5 billion. Founded in 1953 in Beverly Hills, City National has been noted as “Hollywood’s bank” and is the longest standing and largest bank to be headquartered in Los Angeles.

With the acquisition, City National’s name will be unchanged and its local headquarters will remain the same, and will retain it’s CEO Russell Goldsmith. Goldsmith notes that the international ownership will be unlikely to affect business.