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Hollywood Bankers? City National Shares Valued At $704 Million - Bloomberg

A family foundation holds $21.9 million, bringing the combined holdings to about $704 million. The sale Kim Kardashian Ranks Below Ebola On Yahoo's Top 10 Searches Of 2014 announced Thursday confers wealth to a family that built the 60-year-old bank from its roots of offering personalized service to Hollywoods elite. The lender provided a $100,000 loan to Frank Sinatra when he needed to pay a ransom after his visit the site son was kidnapped view site... in 1963 and lent $4.5 million to Arnold Schwarzenegger to fund his first California gubernatorial campaign in 2003. Royal Bank agreed to pay $93.80 for each share, or 26 percent more than Wednesdays closing price, the Toronto-based firm said in a statement. Canada s second-biggest lender by assets will pay about $47.25 in cash and 0.7489 of a share for each of City Nationals shares, valuing the firm at $5.4 billion. The Goldsmiths chose to take Royal Bank stock for their entire holding, the firm said. The value of Russell Goldsmiths shares doesnt include $15.7 million in exercisable options, $8 million in restricted share units and $4 million in options that cant be exercised, according to the firms most recent proxy, which refers to 2013 figures. City National has yet to release the 2014 numbers.
Full story: http://www.bloomberg.com/news/2015-01-23/hollywood-bankers-city-national-shares-valued-at-704-million.html

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