In May, City National acquired the banking operations of Las Vegas-based Sun West Bank in a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC). City National acquired approximately $352 million in assets, including about $252 million in loans that are subject to a loss-sharing agreement with the FDIC. City National also assumed about $311 million of deposits.
With the conversion of Sun West branches, City National now has an expanded presence in Nevada. In southern Nevada the bank has a new full-service banking center in Green Valley at 8475 South Eastern Ave., Suite 100, and a second branch location in the Summerlin area at 8531 West Lake Mead Blvd. The bank also expanded its presence in the Reno market with a new regional center at 5470 Kietzke Lane.
In addition to being able to access any branch location in Nevada, Sun West former clients now have access to any City National office in California and New York. Likewise, these clients can use any City National ATM in the three states at no charge. The use of other bank’s ATMs can also be at no charge with certain City National products and services.
With this transition, 23 Sun West employees were placed with City National full time. The majority of those placements occurred in the Core Banking Division, which is the branch system of the bank, while others were placed in the Special Asset group and the Private Client Services group.