Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events

Subsequent Events

Note 19. Subsequent Events

On June 25, 2014, City National Bank announced that it had entered into an agreement to sell its retirement services recordkeeping business to OneAmerica Retirement Services, LLC. The sale is expected to close in the third quarter of 2014. The transaction, after sale expenses, is not expected to have a significant impact on the Bank’s financial results.

As of June 30, 2014, the Bank had notified the holders of the $50 million 9.00% Subordinated Notes due July 2019 and $55 million Fixed and Floating Subordinated Notes due August 2019 of its election to redeem in full the outstanding obligations of these issues in accordance with the terms and provisions of the notes. Redemption of the $50 million Subordinated Notes, including all accrued and unpaid interest, was completed on July 15, 2014. Redemption of the $55 million Fixed and Floating Subordinated Notes will be completed on August 12, 2014.