City National Bank reports lower third quarter earnings

 

icordle@MiamiHerald.com

City National Bank of Florida on Monday reported lower third quarter earnings of $10.3 million, compared to $12.4 million for the same period of the previous year.

The bank said its loan portfolio has grown by $429 million in the past twelve months, as commercial loans increased 57.4 percent, commercial mortgages grew 20.9 percent and residential mortgages showed a 14.5 percent gain.

The Miami-based bank announced in May that Banco de Credito e Inversiones has agreed to acquire it for $882.8 million. Bci, the third-largest private bank in Chile, becomes the first bank from Chile to purchase a U.S. bank. The acquisition, which is pending regulatory approval, also represents the largest investment by a Chilean company in the United States.

City National Bank, with 26 banking centers from Miami-Dade to the greater Orlando area, as $4.8 billion in assets.

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