In a move that brings a bank with deep roots in Los Angeles for over 63 years to the residents of a historic neighborhood here, City National Bank announced recently that for the first time it will open a full-service banking office in the Crenshaw district of Los Angeles later this year.
Located at 3739 South Crenshaw Blvd., the new office will deliver City National’s relationship-focused personal and business banking capabilities to individuals and their families as well as small businesses, nonprofit organizations, professionals and investors. The new banking office will offer a full range of financial services, including wealth management, mortgages and traditional business loans, as well as Small Business Administration, or SBA, loans.
“As part of our growing commitment to Los Angeles and our expanding resources, we look forward to opening this new office in the heart of L.A.’s historic and vibrant Crenshaw neighborhood,” said City National Bank chairman and chief executive officer Russell Goldsmith. “This historic step and investment in the Crenshaw area demonstrates that our company and its colleagues are deeply committed to directly providing the community’s entrepreneurs, professionals and families with the unique and compelling capabilities of personal service, relationship banking solutions and investment management that City National is known for.”
City National is expanding into the Crenshaw District at a time of unprecedented development in the area. There are currently more than 1,500 apartment units under construction or planned for development in the Crenshaw, Baldwin Hills, Leimert Park and View Park-Windsor Hills neighborhoods. Other major developments include:
– Metro’s upcoming LAX-Crenshaw Transit Corridor, which will offer an alternative transportation option to local residents commuting throughout Los Angeles County
– Kaiser Permanente’s Baldwin Hills-Crenshaw Medical Offices – a four-story, 100,000-square foot medical office building scheduled to open in late 2017
– District Square, a new urban, multilevel shopping center and apartment complex next to the metro hub housing the Exposition Line and LAX-Crenshaw Transit Corridor
– The 43-acre Baldwin Hills Crenshaw Plaza, which is expected to be overhauled with 2 million square feet of new retail and hotel space, offices, condos and apartments
The new office will enable City National to support the economic growth of the Crenshaw District and support more of the many opportunities emerging there. Jobs in the Crenshaw District grew by more than 30 percent from 2000 to 2015. The region saw a 6 percent increase in residential housing between 2000 and 2015, while the median price of single-family homes and condominiums in the area more than doubled.
City National is committed to supporting the communities in which its colleagues live and work. In 2015, as part of its merger with Royal Bank of Canada, the bank committed to an $11 billion, five-year commitment for lending, investment, charitable contributions, supplier diversity and other activities outlined in the Community Reinvestment Act. City National’s commitment emphasizes small business and community development loans.
The Crenshaw branch will be managed by Peter Jackson. He and his team members have lived and worked in the Crenshaw District for decades. Jackson joined City National as vice president and branch manager and has more than 10 years of banking and management experience serving entrepreneurs, their businesses and their families.
Other team members new to City National are:
Toni Jackson, vice president and senior client manager, joins City National Bank from Citibank, where she spent 15 years managing various financial centers. Jackson has nearly 40 years of financial services experience.
Frank Martinez, assistant vice president and relationship manager, joins City National Bank from Bank of the West, where he spent eight years as a relationship banker. Martinez has more than 15 years of financial services experience.