December 7, 2009 (FinancialWire) — City National Corp. (NYSE: CYN) announced the pricing of a registered underwritten public offering of $250 million of 9.625 percent cumulative trust preferred securities.

The investment-grade securities, which mature on February 1, 2040, are to be sold at a price of 98.749 percent of the principal amount by City National Capital Trust I, a statutory trust formed by City National Corp.. The securities will pay cash distributions semiannually, starting on August 1, 2010. The offering is scheduled to close on December 8, 2009.

The net proceeds from the offering will qualify as Tier 1 capital. Following completion of the offering, they may be used for general corporate purposes and, subject to regulatory approval, may be used toward the redemption of preferred stock and the repurchase of warrants sold to the U.S. Treasury Department as part of the Capital Purchase Program.

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