-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LF48wlWtPyzS0ZWgL1bWxwj87xg9Zwfb4AS1RBC2VxmJT1i3xqwK05+xv17cD+Fi nRMaCgqJ2A3vGefTxlAg0A== 0000898430-96-000107.txt : 19960116 0000898430-96-000107.hdr.sgml : 19960116 ACCESSION NUMBER: 0000898430-96-000107 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960112 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITY NATIONAL CORP CENTRAL INDEX KEY: 0000201461 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 952568550 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10521 FILM NUMBER: 96503258 BUSINESS ADDRESS: STREET 1: 400 N ROXBURY DR CITY: BEVERLY HILLS STATE: CA ZIP: 90210 BUSINESS PHONE: 3108584270 MAIL ADDRESS: STREET 1: 400 N ROXBURY DR CITY: BEVERLY HILLS STATE: CA ZIP: 90210 8-K 1 FORM 8-K REPORT DATED 12/31/95 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): DECEMBER 31, 1995 CITY NATIONAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 1-10521 95-2568550 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation or organization) Identification No.) 400 North Roxbury Drive Beverly Hills, California 90210 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (310) 888-6000 ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS. On December 31, 1995, the registrant's wholly-owned subsidiary, City National Bank ("CNB"), purchased all of the issued and outstanding stock of First Los Angeles Bank ("First LA"), a wholly-owned subsidiary of San Paolo U.S. Holding Co. ("SPUSH"), and immediately thereafter merged First LA with and into CNB. Prior to the acquisition, First LA was a California state-chartered commercial bank with 10 branches in Los Angeles and Orange Counties. Pursuant to the Stock Purchase Agreement dated August 17, 1995, the purchase price of the stock of First LA was $85 million. Immediately before the stock purchase, SPUSH purchased from First LA loans having aggregate recorded balances of approximately $77.5 million including accrued interest, less allocated loan loss reserves of approximately $6.5 million. At closing, CNB cancelled SPUSH's indebtedness to First LA of approximately $71 million generated by the loan purchase, and paid cash for the approximately $14 million balance of the purchase price. CNB's payment was funded from internal sources. The equipment and properties of First LA will be used by CNB in its banking business. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. It is impracticable to file the financial statements of First LA and the pro forma financial statements required by Item 7(a) and (b) with this current report. Such financial statements will be filed as an amendment hereto on or before March 15, 1996. (c) Exhibits (listed by numbers corresponding to Exhibit Table of Item 601 in Regulation S-K) No. -- 2.1 Stock Purchase Agreement dated August 17, 1995, by and among City National Bank, First Los Angeles Bank, San Paolo U.S. Holding Company and San Paolo Bank Holding S.P.A. (This Exhibit is incorporated by reference to Exhibit 10.20 filed with the Registrant's Quarterly Report on Form 10-Q for the three months ended September 30, 1995.) 2.2 Amendment to Stock Purchase Agreement dated December ____, 1995, by and among City National Bank, First Los Angeles Bank, San Paolo U.S. Holding Company and San Paolo Bank Holding S.P.A. 1 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CITY NATIONAL CORPORATION, a Delaware corporation Dated: January 11, 1996 /s/ Frank P. Pekny ------------------ FRANK P. PEKNY, Executive Vice President, Chief Financial Officer and Treasurer 2 INDEX TO EXHIBITS Exhibit No. Exhibit - ----------- ------- 2.2 Amendment to Stock Purchase Agreement dated December ____, 1995, by and among City National Bank, First Los Angeles Bank, San Paolo U.S. Holding Company and San Paolo Bank Holding S.P.A. 3 EX-2.2 2 AMENDMENT TO PURCH AGREEMENT EXHIBIT 2.2 AMENDMENT TO STOCK PURCHASE AGREEMENT THIS AMENDMENT TO STOCK PURCHASE AGREEMENT is entered as of the ___ day of December, 1995, by and among City National Bank ("CNB"), San Paolo U.S. Holding --- Company ("Seller"), San Paolo Bank Holding S.P.A. and First Los Angeles Bank ------ ("Bank") as an amendment to that certain Stock Purchase Agreement ("Agreement") ---- --------- dated as of August 17, 1995 by and among the parties hereto. 1. The phrase "or immediately after" shall be inserted at the beginning of the third line of Section 4.13(b) of the Agreement. 2. Section 4.14 is amended in its entirety to read as follows: 4.14 Designated Portfolio. Immediately prior to the Closing, Seller -------------------- shall purchase for cash (or for a promissory note in form acceptable to CNB) from the Bank, at gross book value (plus accrued but unpaid interest through and including the date prior to the Closing Date), less applicable reserves ("net book value"), a portfolio of loans identified on Schedule 4.14 hereto. -------------- 3. Section 4.15 of the Agreement shall be of no force and effect. 4. The Selling Entities agree that they shall not file the federal or state income Tax Returns ("1995 Returns") Selling Entities are required to file pursuant to Section 4.17(a)(ii) of the Agreement prior to August 31, 1996 and that CNB shall have the opportunity to review the 1995 Returns prior to the filing thereof. The Selling Entities further agree that, unless otherwise instructed by CNB, they (i) will not take a bad debt deduction for that portion of loans charged off in whole or in part during 1995 that are, prior to the filing of the 1995 Returns, collected by CNB (as successor to the Bank) or are restructured by CNB whereby collection is reasonably assured, and (ii) will include in taxable income in the 1995 Returns all unpaid interest on nonaccrual status as of December 31, 1995 that is collected prior to the filing of the 1995 Returns. The Selling Entities shall not be obligated to make adjustments in excess of $7 million to the 1995 Returns pursuant to clauses (i) and (ii) of the preceding sentence. CNB shall promptly reimburse the Selling Entities for any incremental out-of-pocket expenses either of them incurs in connection with the adjustments to the 1995 Returns made pursuant to this paragraph. 5. The following language shall be substituted for the parenthetical beginning in the fifth line of Section 7.3(a)(i)(B) of the Agreement: (plus such amount, if any, actually received by Bank or CNB from those matters specifically described in the Disclosure Schedule for which complete information was provided to CNB prior to the date hereof, net of legal fees and expenses paid in connection with such matters following the Closing Date) 6. All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement. Redacted to remove confidential information on Schedule 4.14. 1 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Stock Purchase Agreement to be executed by their duly authorized officers as of the date first written above. CITY NATIONAL BANK SAN PAOLO U.S. HOLDING COMPANY By: /s/ Frank P. Pekny By: /s/ Mario Garresi ------------------------------ ---------------------------------- Name: Frank P. Pekny Name: Mario Garresi ----------------------------- --------------------------------- Title: Chief Financial Officer Title: Senior Executive Vice President ---------------------------- -------------------------------- FIRST LOS ANGELES BANK SAN PAOLO BANK HOLDING S.P.A. By: /s/ Sheryl Anne Balthazar By: /s/ Sergio Eugenio ------------------------------ ---------------------------------- Name: Sheryl Anne Balthazar Name: Sergio Eugenio ----------------------------- --------------------------------- Title: Senior Executive Title: Senior Executive Vice President Vice President ---------------------------- -------------------------------- By: /s/ Vincenzo Capurro ---------------------------------- Name: Vincenzo Capurro --------------------------------- Title: Joint Chief Executive Officer -------------------------------- 2 CREDIT ADMINISTRATION COMMERCIAL AND REAL ESTATE LOAN APPLICATIONS SCHEDULE 4.14 BALANCES AS OF 12/20/95
Principal Reserve Branch Note Borrower Balance QC Amount ------ ----- ------------------ ----------- ---- ---------- 083-001466 10524 [Confidential $ 39,015 5A $ 3,902 083-001466 11215 information $ 24,586 5C $ 7,376 081 New omitted and $ 1,725,000 4 $ 69,000 083 10871* filed separately] $ 226,351 6 $ 113,176 083-058879 10960 $ 0 3 $ 0 083-058879 30458 $ 909,997 5B $ 181,999 083-105389 30923 $ 3,872,353 5B $ 774,471 672-105098 11173 $ 733,333 5C $ 220,000 672 31190 $ 1,685,811 4 $ 67,432 083 39844 $ 369,059 5B $ 73,812 083-011113 11389 $ 36,309 5A $ 3,631 083-011113 30462 $ 429,508 5B $ 85,902 083-073584 11080 $ 55,779 5C $ 16,734 083-086775 30395 $ 438,382 5A $ 43,838 672 30883 $ 1,251,178 3 $ 18,768 083 10734* $ 41,609 6 $ 20,805 083 12016* $ 55,367 6 $ 27,684 671-067339 10776 $ 210,000 5B $ 42,000 671-067339 89801 $ 860,384 5C $ 258,115 083-020758 19481 $ 200,000 3 $ 3,000 083-105493 00981 $ 28,975 3 $ 435 083-097386 11222 $ 105,000 3 $ 1,575 083-020771 10679 $ 179,000 3 $ 2,685 083-020771 21022 $ 581,220 5A $ 58,122 012-106605 10105 $ 0 3 $ 0 012-022007 30883 $ 2,808,974 3 $ 42,135 678 31258 $ 269,142 4 $ 10,766 012-106145 10078 $ 8,000 3 $ 120 081 21045 $ 400,000 4 $ 16,000 672 41083 $ 2,074,442 3 $ 31,117 083-081137 11240 $ 61,308 5B $ 12,262 671-106796 11121 $ 1,000,000 5A $ 100,000 678-106694 11825 $ 483,025 5B $ 96,605 083-087070 13022 $ 263,553 5A $ 26,355 083-087070 20931 $10,031,047 5A $1,003,105 083-087070 20998 $ 914,378 5A $ 91,438 083 11129* $ 124,406 5C $ 37,322 083 11130* $ 117,500 5C $ 35,250 672-034708 19269 $ 900,000 4 $ 36,000 672-034708 20001 $ 230,000 3 $ 3,450 672 30449 $ 1,854,609 4 $ 74,184 083-073371 15277 $ 2,220,000 5A $ 222,000 083 35352 $ 2,031,916 5A $ 203,192 083 35444 $ 118,117 5B $ 23,623 083-094328 11193 $ 381,564 5C $ 114,469 083-073827 11161 $ 38,500 5C $ 11,550 083-037989 10433 $ 4,282,500 5B $ 856,500 083-037989 10699 $ 2,790,000 5A $ 279,000 083-037989 30105 $ 2,860,065 5A $ 286,007 083-039550 14885 $ 104,131 5C $ 31,239 12 39071 $ 4,924,914 3 $ 73,874 12 59071 ($ 4,877,691) 3 ($ 73,165) 083-071328 11029 $ 595,000 5C $ 178,500 671-059948 31267 $ 1,986,234 5A $ 198,623 083-041890 11221 $ 171,719 5C $ 51,516 083 31053 $ 63,935 5A $ 6,394 083 31155 $ 490,251 5A $ 49,025 083 31193 $ 55,056 5A $ 5,506 671-060601 10391 $ 0 3 $ 0 671 31140 $ 536,793 3 $ 8,052 ----------- ---------- Subtotal $54,371,604 $6,236,478 ----------- ---------- 081-106087 31007 $23,500,000 3 $ 352,500 ----------- ---------- Subtotal $23,500,000 $ 352,500 ----------- ---------- Grand Total $77,871,604 $6,588,970 =========== ==========
* Charge Off Potential or SPUSH 3 -----END PRIVACY-ENHANCED MESSAGE-----