City National Bank, America’s Premier Private and Business Bank®, today announced that it will donate up to $400,000, including colleague donations and company matching funds, to support the fight for social and racial justice in America.
“As the nation collectively mourns the senseless murder of George Floyd, we are reminded of racism’s deep wound on our country and the harm it continues to inflict,” said City National Bank Chief Executive Officer Kelly Coffey and Chairman Russell Goldsmith in a joint statement. “We must do much more to end the longstanding pain and systemic and economic injustice that communities of color have endured at the hands of oppression and pervasive racism in our society. At City National, we have a long history of supporting our colleagues, clients, and communities, and we recognize that our commitment is more important than ever in this critical moment in our nation’s history.”
Following the acts of racism and violence that recently took the lives of George Floyd, Ahmaud Arbery, Breonna Taylor and countless others before them, City National will donate to:
The NAACP Legal Defense and Educational Fund, to help its mission to fight for racial justice and secure a society where all individuals have equal rights without race-based discrimination; and
The Equal Justice Initiative, to support its objectives of ending mass incarceration and excessive punishment in the U.S., challenging racial and economic injustice, and protecting basic human rights for the most vulnerable people in American society.
A portion of the funds will go toward the creation of a matching gifts program for City National colleagues who choose to donate to these organizations.
In addition to City National’s commitment today, the bank’s parent company, Royal Bank of Canada (RBC), previously announced a CAD $1.5 million donation to provide direct support to Black youth, the economic development of Black communities, and social and racial justice reform in North America through organizations including the NAACP Legal Defense and Educational Fund and the Equal Justice Initiative. In Minneapolis, RBC Wealth Management – U.S. donated $250,000 to support rebuilding efforts through a contribution to We Love Lake Street, a fund set up by the Lake Street Council to provide direct support to small businesses and nonprofits.
About City National Bank
With $69.1 billion in assets, City National Bank provides banking, investment, and trust services through locations in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Minneapolis, Washington, D.C. and Miami*. In addition, the company and its investment affiliates manage or administer $76.9 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’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 34 other countries.
