LOS ANGELES, May 11, 2022 (GLOBE NEWSWIRE) -- City National Bank announced today that it is ranked the second largest lender in the U.S. for Small Business Administration (SBA) 504 loans, according to the SBA mid-fiscal year 2022 report. City National approved 79 small business loans worth more than $140 million from October 1, 2021- March 30 of this year. 504 loans are used for a variety of assets that promote business growth, including the construction of new buildings or purchasing existing buildings and equipment. City National’s top national ranking reflects its history of serving entrepreneurs and understanding their objectives. The bank’s SBA team has also expanded nationwide to serve its clients’ financial needs.
“Entrepreneurship is at the very heart of our company, and City National Bank understands entrepreneurs better than anyone else,” said David Cameron, senior vice president and head of business banking for City National. “We are a bank founded by entrepreneurs, and our clients continue to rely on our customized service to help their businesses grow.”
The 504 loan made a significant difference for Spectrum Lithograph, a family-owned Bay Area manufacturing company that designs and prints boxes for packaging products. The loan resulted in a $13k reduction in the company’s monthly spend, giving the owner more financial freedom for the future.
Shawn Pereira, Spectrum Lithograph’s chief executive officer, said, “City National Bank offered me an ideal financial solution that allowed me to refinance the building, pull out cash and reinvest it to buy new equipment for my business. No other banks were able to offer me an option that helped me achieve all of these important financial goals.”
New team in place to provide coast-to-coast support
Within the past year, City National’s SBA team has grown significantly under the leadership of Nicole Auyang, SBA Sales & Strategy and San Francisco Bay Area Regional Business Banking Manager.
The bank recently formed a new team that serves clients nationwide:
- James Cheung, SBA national sales manager
- Jerry Mondene, SBA credit manager
- Matt Foley, Sr. SBA business development officer, East Coast
- Ceci Pistone, Senior SBA business development officer, Southern California
- Mike Shepston, Senior SBA business development officer, Northern California and Nevada
- Mark Morales, SBA loan specialist
- Christina Schlink, SBA loan specialist
- Carmel Yannetta, SBA loan specialist
About City National
With $91.5 billion in assets, City National Bank provides banking, investment and trust services through 73 branches, including 19 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Washington, D.C. and Miami*. In addition, the company and its investment affiliates manage or administer $96.2 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of the world’s leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 27 other countries.
For more information about City National, visit the company’s website at cnb.com.
*City National Bank does business in Miami and the state of Florida as CN Bank.
Media Contact:
Michele Ashley, City National Bank, 650.274.9333
Michele.ashley@cnb.com
