LOS ANGELES, Feb. 7, 2007 (PRIME NEWSWIRE) -- City National Corporation (NYSE:CYN), parent company of City National Bank, and Business Bank Corporation (OTCBB:BBNV), parent company of Business Bank of Nevada, today announced that, as previously disclosed, the election deadline for Business Bank stockholders to make merger consideration elections in connection with the proposed merger of Business Bank into City National is 5 p.m., Eastern time, on February 9, 2007.
Business Bank stockholders of record wishing to make an election regarding the form of consideration they would prefer to receive must deliver to Continental Stock Transfer & Trust Company, the exchange agent in the merger, the following: properly completed election forms, together with their stock certificates, a book-entry transfer of shares or a properly completed notice of guaranteed delivery. These must be received by Continental Stock Transfer & Trust Company by the election deadline of 5 p.m., Eastern time, on February 9, 2007. Business Bank stockholders who hold their shares in "street name" may have an election deadline earlier than February 9, 2007. Those holders should carefully review any materials they received from their broker to determine the election deadline applicable to them.
Business Bank stockholders may elect to receive cash, shares of City National common stock, or a combination of both, in exchange for each of their shares of Business Bank common stock as provided in the City National/Business Bank merger agreement and described in the related proxy statement/prospectus and election materials. All elections are subject to the pro-ration and allocation procedures provided for in the merger agreement. As a result, stockholders who elect to receive entirely cash or entirely City National common stock may receive a combination of cash and common stock, and stockholders who elect to receive a combination of cash and City National common stock may receive cash and common stock in a different proportion from what they elected.
Stockholders who do not submit a properly completed election form to the exchange agent by the election deadline will be deemed to have no preference as to the form of consideration they will receive and will receive cash, City National shares of common stock or a combination of both, depending on the elections of other Business Bank stockholders. After Business Bank stockholders have made their elections and tendered their Business Bank shares of common stock to the exchange agent, they will be unable to sell or transfer their shares of Business Bank common stock unless they revoke their election prior to the election deadline.
All of the documents necessary to make an election were previously mailed to Business Bank stockholders of record as of December 15, 2006. Business Bank stockholders of record may obtain additional copies of the election documents by contacting the Reorganization Department of Continental Stock Transfer & Trust Company at 212-509-4000 (extension 536). Business Bank stockholders who hold their shares in "street name" may obtain additional copies of the election documents by contacting their broker.
A more complete description of the merger consideration and the pro-ration procedures applicable to elections is contained in the proxy statement/prospectus dated January 8, 2007, mailed to Business Bank stockholders of record on or about January 10, 2007.
About Business Bank of Nevada
Business Bank, with $489.7 million in total assets as of September 30, 2006, is in its twelfth year of operation and is one of the best performing independent banks in Nevada and throughout the country. The Bank has seven branch offices in the state, with three in Las Vegas, one in North Las Vegas, one in Reno, one in Carson City, and one in Minden. The Bank also has Loan Production Offices (LPOs) at Stateline in South Lake Tahoe and in Scottsdale, Arizona.
About City National Corporation
Backed by $14.9 billion in total assets, City National Corporation is the parent company of City National Bank, which provides banking, investment and trust services through 54 offices, including 12 full-service regional centers, in Southern California, the San Francisco Bay Area and New York City.
City National is ranked among America's top companies in Forbes magazine's "Super 500" list. It also is one of the nation's top wealth managers, according to Barron's magazine. The company and its affiliates manage or administer more than $48 billion in client trust and investment assets, including more than $27 billion under management.
The City National Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3142
Additional Information About This Transaction
City National Corporation and Business Bank Corporation have filed a proxy statement/prospectus and other relevant documents concerning the merger with the United States Securities and Exchange Com-mission (SEC). WE URGE INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS AND ALL OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Investors may obtain City National Corporation documents free of charge at the SEC's web site (www.sec.gov). In addition, documents filed with the SEC by City National Corporation are available free of charge from the company's Investor Relations Department at (213) 673-7615. Business Bank Corporation stockholder documents are available free of charge from Business Bank Corporation's Investor Relations Department at (702) 952-4415.
The directors, executive officers, and certain other members of management and employees of Business Bank Corporation are participants in the solicitation of proxies in favor of the merger from the stockholders of Business Bank Corporation. Information about the directors and executive officers of Business Bank Corporation is set forth in the proxy statement/prospectus, which is available as described above.