LOS ANGELES, May 30, 2023 (GLOBE NEWSWIRE) -- City National Bank® today released its 2022 “Our Impact” report that outlines the significant progress the bank made last year to address economic, social and environmental issues. The theme of this year’s report, “What Matters Most,” illustrates City National’s continued efforts to help its clients, colleagues and communities thrive and prosper. In the report, the company also reinforces its enhanced commitment to community investments that support economic growth and sustainability.
“We know City National can only be as strong as the communities we serve, and we believe we have a responsibility to help strengthen them,” said Kelly Coffey, chief executive officer of City National. “I am honored to lead a company where the colleagues work so tirelessly to support organizations that make our communities healthier and more equitable for everyone.”
As detailed in the report, below are selected highlights from among City National’s efforts last year:
Communities
- The bank invested nearly $12 million in organizations focused on affordable housing, financial education, racial justice and economic development. These include the sponsorship of financial education programs in low- to moderate-income schools in Los Angeles, the San Francisco Bay Area and New York. This support includes the bank’s renewal of its three-year, $1 million commitment to the Los Angeles Unified School District to continue its financial education program, Dollars + Sense.
- In 2022, City National provided more than 2,200 community reinvestment and development loans totaling more than $1.1 billion. With the goal of making home ownership more accessible, $250 million exclusively supported affordable rental housing and mortgages.
- Colleagues contributed nearly $1.8 million in charitable donations through the company’s annual Workplace Giving Campaign. The money goes toward charitable and civic programs that align with causes that colleagues personally care about, including those that promote social and racial justice.
Diversity, Equity & Inclusion
- In 2022, the number of diverse and female senior vice presidents increased by approximately 23%.
- The number of women colleagues overall grew by nearly 9%.
- Keeping to its commitment to building an inclusive culture, City National strives for equal representation for women and 75% diverse representation in its early-career programs.
Planet
- Since 2019, the bank’s Renewable Energy Financing team has committed more than $1 billion to the renewable energy industry.
- The team has financed projects that provide renewable energy across 34 states.
City National is a subsidiary of Royal Bank of Canada (RBC). RBC recently released its 2022 Environmental, Social and Governance (ESG) Performance Report, which offers insights into overarching strategies, new and continuing commitments, and performance related to relevant ESG topics. To view RBC’s report, please visit 2022-ESG-Report.PDF (rbc.com).
About City National
With $95.4 billion in assets, City National Bank provides banking, investment and trust services through 69 branches, including 21 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 $94.5 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, Corporate Communications
michele.ashley@cnb.com
