City National, the parent company of City National Bank, plans for City National Bank to acquire a San Jose branch owned by Westamerica Bank.
Reportedly, City National will acquire the branch’s deposits and a portion of its loan portfolio. The branch, currently serves professionals, professional services firms and small businesses, and provides specialty banking services to homeowners associations.
Upon the completion of acquisition, City National will have a total of 64 banking offices, including nine in Northern California.
Robert Brant, executive vice president and Northern California regional executive, said: “This acquisition will expand City National’s ability to serve San Jose, the Silicon Valley and the Bay Area.”
