LOS ANGELES – February 29, 2024 – To round out the celebration of Black History Month, City National Bank is proud to deposit $10 million of its capital into OneUnited Bank, the only Black-owned bank in California and the largest Black-owned bank in the nation. With the investment, City National and OneUnited will launch a comprehensive program aimed at bolstering economic development in historically underserved minority populations across Southern California.
Kevin Cohee, Chairman and CEO, OneUnited Bank, expressed optimism about the collaboration, stating, “We believe our new partnership with City National Bank will create more financial opportunities for Black and Brown communities in Los Angeles. This partnership signals the sincere commitment of City National to bring the full weight of its intellectual and financial resources to helping urban communities of Southern California prosper.”
Howard Hammond, President and CEO, City National Bank, emphasized the institution’s dedication to holistic economic development: “City National is committed to supporting economic progress and growth in underserved communities. As we work together to strengthen existing businesses, we are also paving the way for future entrepreneurs. We are committed to improving access to affordable housing in the communities we serve.”
David Cameron, Executive Vice President, Personal & Business Banking, City National Bank, added, “OneUnited leads important programs helping individuals, families, and underrepresented businesses achieve their dreams, and we’re pleased to play a role in supporting those initiatives. Through this collaboration with OneUnited, we aim to create a more inclusive and prosperous future for all residents of Southern California.”
This effort will encompass various programs to include targeted loan initiatives to promote affordable housing and small business development, as well as financial education programs. Additionally, support for technology-driven enterprises will be a focal point of the collaboration.
For media inquiries contact:
Suzan McDowell
Circle of One Marketing
305-490-9145
[email protected]
Michele Manning
City National Bank
650-274-9333
[email protected]
Headshots HERE
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About City National Bank:
With $93.72 billion in assets, City National Bank provides banking, investment and trust services through 64 branches, including 22 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Washington, D.C., and Miami. * In addition, the company and its investment affiliates manage or administer $96.84 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of the world’s leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 27 other countries.
For more information about City National, visit the company’s website at cnb.com.
*City National Bank does business in Miami and the state of Florida as CN Bank.
About OneUnited Bank:
OneUnited Bank is the largest Black-owned bank in America, committed to empowering communities through financial literacy, homeownership, and entrepreneurship. As a trusted financial institution, OneUnited Bank serves as a catalyst for economic development and social change in urban communities nationwide.
