EXHIBIT 99.1

City National Corp. Reports First-Quarter 2011 Net Income of $39.7 Million

Revenue grows 9 percent from first-quarter 2010

Average core deposits grow 11 percent to $17.4 billion

Credit quality improves for sixth consecutive quarter

LOS ANGELES, April 21, 2011 (GLOBE NEWSWIRE) -- City National Corporation (NYSE:CYN), the parent company of wholly owned City National Bank, today reported first-quarter 2011 net income of $39.7 million, or $0.74 per share. In the first quarter of 2010, net income was $15.7 million, while net income available to common shareholders was $10.0 million, or $0.19 per share.

City National also announced today that its Board of Directors has maintained and approved a quarterly common stock cash dividend of $0.20 per share. The company's dividend will be payable on May 18, 2011 to stockholders of record on May 4, 2011.

FIRST-QUARTER 2011 HIGHLIGHTS

• City National's first-quarter revenue totaled $275.2 million, up 9 percent from the first quarter of 2010.
• Fully taxable-equivalent net interest income amounted to $185.5 million, up 4 percent from the same period last year.
• Average first-quarter deposit balances reached $18.2 billion, an increase of 8 percent from the first quarter of 2010. Average core deposits were $17.4 billion, up 11 percent from the year-ago period. They now equal 95 percent of the company's average deposit balances.
• Average first-quarter loan balances, excluding loans covered by City National's loss-sharing agreements with the FDIC, were $11.3 billion, down 6 percent from the same period last year. However, average commercial loan balances grew 1 percent from the fourth quarter of 2010.
• Year-over-year credit trends showed strong improvement. In the first quarter of 2011, City National realized $6.5 million in net recoveries, compared with net charge-offs of $49.5 million in the first quarter of 2010 and $19.0 million in the fourth quarter of last year. Nonperforming assets, excluding FDIC-covered assets, declined 45 percent from the first quarter of 2010 and 14 percent from the fourth quarter. Nonperforming assets now amount to less than 2 percent of total loans.
• Excluding loans covered by FDIC loss-sharing agreements, first-quarter results included no provision for credit losses. City National recorded a $55.0 million provision in the first quarter of 2010 and a $3.0 million provision in the fourth quarter.  The company remains well-reserved at 2.34 percent of total loans, excluding FDIC-covered loans.
• Investment assets under management or administration exceeded $60 billion for the first time.

"City National delivered another solid performance in the first quarter of 2011," said President and Chief Executive Officer Russell Goldsmith. "Credit quality was stronger than it has been in several years. Average commercial loans again increased modestly, but year-over-year core deposit growth continued at a strong double-digit rate. 

"The company continues to expand. With the recent addition of a second office in San Jose and the FDIC-assisted acquisition of Nevada Commerce Bank, we now operate 79 banking offices, including 11 in the San Francisco Bay Area.

"Backed by strong credit reserves and capital ratios, City National continues to grow and improve by hiring talented new colleagues, lending to creditworthy borrowers, and expanding its wealth management business. We have avoided the subprime lending and foreclosure-related problems that have hurt some of our competitors. The company today is stronger and better able than ever to serve its clients, and is well-positioned in this gradually recovering economy."

ASSETS

Total assets at March 31, 2011 were $21.6 billion, up 8 percent from the first quarter of 2010 and 1 percent from the fourth quarter of last year.

REVENUE

Revenue for the first quarter of 2011 was $275.2 million, up 9 percent from the first quarter of 2010 but down 2 percent from the fourth quarter of last year.

NET INTEREST INCOME

Fully taxable-equivalent net interest income was $185.5 million in the first quarter of 2011, up 4 percent from the first quarter of 2010 but down 1 percent from the fourth quarter of last year.

First-quarter average deposits were up 8 percent to $18.2 billion from the same period of 2010, but were down 3 percent from the fourth quarter of last year. The decline was a reflection of traditional seasonal business patterns. Average core deposits were $17.4 billion in the first quarter of 2011, up 11 percent from the same period of 2010 but down 2 percent from the fourth quarter.  Core deposits now represent 95 percent of the company's average balances.

First-quarter average noninterest-bearing deposits were up 12 percent from the same period of 2010 but down 2 percent from the fourth quarter of last year.

Treasury Services deposit balances, which consist primarily of title, escrow, community association and property management deposits, averaged $1.5 billion in the first quarter of 2011, up 40 percent from the same period of 2010 but down 1 percent from the fourth quarter of last year. The increase from the year-ago period was due largely to the addition of new clients and an increase in residential and commercial real estate activity by the company's title and escrow clients.

First-quarter average loans, excluding FDIC-covered loans, were $11.3 billion, down 6 percent from the first quarter of 2010 and just 1 percent from the fourth quarter of last year. The declines reflect moderate loan demand, as well as the company's continued progress in reducing the number of problem loans.

First-quarter average balances for commercial loans were down 3 percent from the same period last year but up 1 percent from the fourth quarter of 2010. Average balances for commercial real estate and construction loans together were down 20 percent from the year-ago first quarter and 5 percent from the fourth quarter of 2010.  Average balances for single-family residential mortgage loans, nearly all of which are made to City National's private banking clients, were up 1 percent from the year-ago period but virtually unchanged from the fourth quarter of 2010.

Average securities for the first quarter of 2011 totaled $5.7 billion, up 41 percent from the same period last year and 5 percent from the fourth quarter of 2010. The increase from the first quarter of last year reflects strong deposit increases and relatively low loan growth. The average duration of total available-for-sale securities at March 31, 2011 was 2.7 years, down from 2.9 years at the end of the first quarter of 2010 and 2.8 years at year end.

City National's net interest margin in the first quarter of 2011 averaged 3.84 percent, down from 3.97 percent in the first quarter of 2010 but up from 3.71 percent in the fourth quarter of 2010. The decline from the year-ago period was due primarily to strong growth in deposits, which were invested in securities available-for-sale and other liquid assets, as well as lower loan balances. The increase from the fourth quarter of 2010 reflects increased yield on covered loans as well as a seasonal decline in average deposit balances that had been invested in lower-yielding, short-term deposits.

First-quarter net interest income included $7.4 million from FDIC-covered loans that were repaid or charged off during the quarter.  This compares with $7.0 million of such income in the fourth quarter of 2010.

At March 31, 2011, City National's prime lending rate was 3.25 percent, unchanged from both March 31, 2010 and December 31, 2010.

COVERED ASSETS

Loans and OREO assets acquired in City National's FDIC-assisted acquisitions totaled $1.8 billion at the end of the first quarter of 2011, compared with $1.9 billion at both March 31, 2010 and December 31, 2010. 

In the first quarter of 2011, the company recorded a $4.3 million non-cash net loss to reflect results of the quarterly update of cash-flow projections for FDIC-covered loans. The loss reflected a provision for loan losses of $19.1 million for covered loans and a corresponding $14.8 million of other income from City National's loss-sharing agreements with the FDIC. City National will continue to update the cash-flow projections for covered loans on a quarterly basis. Due to the uncertainty in the future performance of the covered loans, additional impairments or gains may be recognized in the future.

NONINTEREST INCOME

Noninterest income was $93.9 million in the first quarter of 2011, up 22 percent from the year-ago period but down 1 percent from the fourth quarter of last year. First-quarter 2011 results included $8.6 million of FDIC loss-sharing income, compared to $9.1 million in the first quarter of last year and $26.3 million in the fourth quarter of 2010.

At March 31, 2011, noninterest income accounted for 34 percent of City National's total revenue, up from 30 percent at March 31, 2010.

Wealth Management

City National's assets under management totaled $37.9 billion as of March 31, 2011, up 6 percent from the same period of 2010 and 3 percent from the fourth quarter of last year. The increases were due primarily to higher equity market values.

Trust and investment fees were $35.6 million, up 6 percent from the first quarter of 2010 and 3 percent from the fourth quarter of last year. Money market mutual fund and brokerage fees totaled $5.7 million, up 7 percent from the first quarter of 2010 but down 13 percent from the fourth quarter of last year. The decline in money market mutual fund and brokerage fees from the prior quarter was due primarily to the impact of low short-term interest rates.

Other Noninterest Income

First-quarter income from cash management and deposit transaction fees totaled $11.7 million, down 7 percent from the same period of last year, but up 3 percent from the fourth quarter of 2010. The year-over-year decline was due to higher deposit balances used to offset service charge fees.

Fee income from foreign exchange services and letters of credit totaled $8.3 million in the first quarter, up 28 percent from the year-earlier period but down 2 percent from the fourth quarter of last year.  The increase from the first quarter of 2010 was due to greater demand for foreign exchange services, as well as the addition of new export trade finance clients and increased volume from existing clients.

Other income was $21.6 million in the first quarter, up 192 percent from the year-ago period, due primarily to FDIC-acquired bank activity. The 137 percent increase from the fourth quarter of 2010 reflected fourth-quarter pretax charges of $6.8 million for the redemption of trust preferred securities and $5.9 million related to one of the company's affiliated investment advisors.

NONINTEREST EXPENSE

City National's first-quarter noninterest expense amounted to $197.4 million, up 12 percent from the first quarter of 2010 but down 3 percent from the fourth quarter of last year. The company added a net total of 275 colleagues from the first quarter of 2010 through the first quarter of this year. Year-over-year expense growth was due largely to increased compensation costs, higher FDIC assessments, the resolution of two dispute-related legal claims, and increased legal and professional fees. Many of the qualified covered asset-related expenses are reimbursed by the FDIC and reflected in noninterest income.

CREDIT QUALITY

The following credit quality information excludes loans that are subject to loss-sharing agreements involving three of City National's FDIC-assisted acquisitions:

The company realized net recoveries of $6.5 million in the first quarter of 2011, or 0.24 percent of average total loans and leases on an annualized basis. Net charge-offs were $49.5 million, or 1.68 percent of total loans and leases, in the first quarter of 2010 and $19.0 million, or 0.66 percent, in the fourth quarter of 2010.

At March 31, 2011, nonperforming assets amounted to $213.7 million, or 1.89 percent of the company's total loans and leases and other real estate owned, down 45 percent from the first quarter of last year. Nonperforming assets totaled $388.0 million, or 3.30 percent, at March 31, 2010, and $248.2 million, or 2.17 percent, at December 31, 2010. Nonaccrual loans at March 31, 2011 were $157.4 million, down from $330.0 million at March 31, 2010 and $190.9 million at December 31, 2010.

City National recorded no provision in the first quarter of 2011. The company recorded provisions of $55.0 million in the first quarter of 2010 and $3.0 million in the fourth quarter of last year.

At March 31, 2011, City National's allowance for loan and lease losses amounted to $263.4 million, or 2.34 percent of total loans and leases. That compares with $292.8 million, or 2.50 percent, at the end of the first quarter of 2010 and $257.0 million, or 2.26 percent, at December 31, 2010. The company also maintains an additional $21.7 million in reserves for off-balance-sheet credit commitments.

Commercial Loans

First-quarter net charge-offs of commercial loans were $1.4 million, down from $17.6 million in the year-earlier period and $6.5 million in the fourth quarter of 2010.

Commercial loans on nonaccrual totaled $18.2 million at March 31, 2011, compared to $73.8 million at March 31, 2010, and $20.6 million at the end of 2010.

Construction Loans

City National's $415.2 million commercial real estate construction portfolio includes secured loans to developers of residential and nonresidential properties. This portfolio has been reduced 43 percent since March 31, 2010, and construction loans now account for 4 percent of the company's total loans.

First-quarter net recoveries of construction loans were $3.8 million, compared to net charge-offs of $14.2 million in the first quarter of 2010 and $5.5 million in the fourth quarter of 2010. At March 31, 2011, construction loans on nonaccrual totaled $81.4 million, down from $165.0 million at March 31, 2010 and $98.2 million at December 31, 2010.

Commercial Real Estate Mortgage Loans

First-quarter net recoveries in the company's $1.9 billion commercial real estate mortgage portfolio were $6.2 million, compared to net charge-offs of $15.0 million at March 31, 2010, and $5.3 million in the fourth quarter of 2010. Commercial real estate mortgage loans on nonaccrual totaled $28.0 million at March 31, 2011, compared with $66.2 million at March 31, 2010 and $44.9 million at December 31, 2010.

Residential Mortgage Loans

City National's $3.6 billion residential mortgage portfolio and $733.6 million home-equity portfolio continued to perform well.  First-quarter net charge-offs were $1.4 million, compared to $1.6 million in the first quarter of 2010 and $1.3 million in the fourth quarter of 2010. Residential mortgage and home equity loans on nonaccrual were $21.2 million at the end of the first quarter, up from $16.1 million in the year-earlier period but down from $25.5 million in the fourth quarter of 2010.

INCOME TAXES

City National's effective tax rate for the first quarter of 2011 was 30.5 percent, compared to 20.6 percent in the year-ago period. The higher tax rate for the first quarter of this year is attributable to higher pretax income.

CAPITAL LEVELS

City National remains well-capitalized, ending the first quarter of 2011 with a Tier 1 common shareholders' equity ratio of 10.7 percent, compared to 9.4 percent at March 31, 2010 and 10.3 percent at December 31, 2010.[1]

Total risk-based capital and Tier 1 risk-based capital ratios at March 31, 2011 were 13.7 percent and 10.9 percent, respectively.  City National's Tier 1 leverage ratio at March 31, 2011 was 7.1 percent. All of City National's capital ratios are above minimum regulatory standards for "well-capitalized" institutions.

Total risk-based capital, Tier 1 risk-based capital and the Tier 1 leverage ratios at December 31, 2010 were 13.3 percent, 10.5 percent and 6.7 percent, respectively.

The period-end ratio of shareholders' equity to total assets at March 31, 2011 was 9.3 percent, unchanged from both March 31, 2010 and December 31, 2010.

2011 OUTLOOK

City National's management continues to anticipate increased profitability in 2011, as asset quality continues to improve and annual credit costs move lower (excluding provisions related to FDIC-covered loans). However, it is likely that moderate economic growth, limited loan demand and the continuing decline of covered assets will limit overall average loan growth. Low interest rates will continue to place modest pressure on the company's net interest margin and wealth management income. Management expects to increase the company's already-strong capital ratios in 2011.

CONFERENCE CALL

City National Corporation will host a conference call this afternoon to discuss first-quarter 2011 financial results.  The call will begin at 2:00 p.m. PDT.  Analysts and investors may dial in and participate in the question/answer session.  To access the call, please dial (866) 393-6804 and enter Conference ID 53596171.  A listen-only live broadcast of the call also will be available on the investor relations page of the company's Website at www.cnb.com.  There, it will be archived and available for 12 months.

ABOUT CITY NATIONAL

City National Corporation's wholly owned subsidiary, City National Bank, provides banking, investment and trust services through offices in Southern California, the San Francisco Bay Area, Nevada and New York City.  The company and its consolidated investment affiliates manage or administer $60.1 billion in client assets, including nearly $38 billion under direct management.

For more information about City National, visit the company's Website at www.cnb.com.

The City National Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3142
 

SAFE-HARBOR LANGUAGE

This news release contains forward-looking statements about the Company, for which the Company claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

A number of factors, many of which are beyond the Company's ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) changes in general economic, political or industry conditions and the related credit and market conditions, (2) changes in the pace of economic recovery and related changes in employment levels, (3) the effect of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the new rules and regulations to be promulgated by supervisory and oversight agencies implementing the new legislation, taking into account that the precise timing, extent and nature of such rules and regulations and the impact on the Company is uncertain, (4) significant changes in applicable laws and regulations, including those concerning taxes, banking and securities, (5) volatility in the municipal bond market, (6) changes in the level of nonperforming assets, charge-offs, other real estate owned and provision expense, (7) incorrect assumptions in the value of the loans acquired in FDIC-assisted acquisitions resulting in greater than anticipated losses in the acquired loan portfolios exceeding the losses covered by the loss-sharing agreements with the FDIC, (8) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board, (9) changes in inflation, interest rates, and market liquidity which may impact interest margins and impact funding sources, (10) adequacy of the Company's enterprise risk management framework, (11) the Company's ability to increase market share and control expenses, (12) the Company's ability to attract new employees and retain and motivate existing employees, (13) increased competition in the Company's markets, (14) changes in the financial performance and/or condition of the Company's borrowers, including adverse impact on loan utilization rates, delinquencies, defaults and customers' ability to meet certain credit obligations, changes in customers' suppliers, and other counterparties' performance and creditworthiness, (15) a substantial and permanent loss of either client accounts and/or assets under management at the Company's investment advisory affiliates or its wealth management division, (16) changes in consumer spending, borrowing and savings habits, (17) soundness of other financial institutions which could adversely affect the Company, (18) protracted labor disputes in the Company's markets, (19) earthquake, fire or other natural disasters affecting the condition of real estate collateral, (20) the effect of acquisitions and integration of acquired businesses and de novo branching efforts, (21) the impact of changes in regulatory, judicial or legislative tax treatment of business transactions, (22) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies, and (23) the success of the Company at managing the risks involved in the foregoing. Forward-looking statements speak only as of the date they are made, and the company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance, including the factors that influence earnings.

For a more complete discussion of these risks and uncertainties, see the Company's Annual Report on Form 10-K for the year ended December 31, 2010 and particularly, Item 1A, titled "Risk Factors."

[1] For notes on non-GAAP measures, see pages 14 and 15 of the Selected Financial Information.

CONTACT:  Financial/Investors
          Christopher J. Carey, City National
          310.888.6777
          Chris.Carey@cnb.com

          Media
          Cary Walker, City National
          213.673.7615
          Cary.Walker@cnb.com

          Conference Call:
          Today 2:00 p.m. PDT
          (866) 393-6804
          Conference ID: 53596171