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'Bank to the stars' City National opens second New York office

January 11, 2011 | 12:19 pm

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L.A.'s City National Corp., the business and private-banking firm known for its Hollywood ties, has become a fixture on New York's live entertainment scene as well, providing financial services to about a third of Broadway shows.

On Tuesday, City National said it has opened its second New York branch to serve entrepreneurs and the professional firms that support them. Since the main focus is Broadway, the office is on Times Square, supplementing a Park Avenue branch that opened in December 2002.

Martha Henderson, who heads City National's entertainment and New York operations, said in an announcement that many of the bank's California clients do business on both coasts. The new office also will focus on New York-based  entrepreneurs, attorneys, accountants, business managers and other professionals, she said.

Broadway shows for which City National provides banking services currently include "The Merchant of Venice," "Driving Miss Daisy" and "Mamma Mia!"

The bank, founded in 1953 in Beverly Hills, has grown to more than $21 billion in assets and $18 billion in deposits, making 14 acquisitions of other banks along the way. It said it has more than $1 billion each in deposits and loans in New York.

[For the record, 12:35 p.m.: An earlier version of this post said City National had $18 million in deposits. It has $18 billion.]

-- E. Scott Reckard

Photo: An announcement of City National Bank’s new branch appears in Times Square. Credit: City National Bank

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