BOSTON, July 17, 2013 (GLOBE NEWSWIRE) -- In a move that expands its growing technology and venture capital banking business to the East Coast, City National Bank has added two seasoned bankers and opened a loan production office in Boston.
The bankers, William Sweeney and James Demoy, will be responsible for providing technology companies and entrepreneurs with a wide array of credit, banking and investment solutions.
"City National is committed to meeting the financial needs of technology entrepreneurs and their companies and investors - no matter where they are located in the U.S. - by providing them experienced talent along with outstanding banking and investment capabilities," said City National Bank President Christopher Warmuth. "Clearly the long-standing and vibrant tech community in greater Boston was a very logical expansion location for City National's technology focus once we were able to bring Bill and Jim on board."
William Sweeney joins City National as senior vice president and regional director. Sweeney is a Massachusetts native with more than 15 years of experience in technology lending. He was recently a managing director at Comerica Bank and ran its Waltham office. There, he was responsible for leading a team in originating and closing financing transactions for venture and private equity backed companies. Sweeney is a graduate of Suffolk University and received his master's degree in business administration from the F.W. Olin School of Business at Babson College in Wellesley, Mass. He will report to Rod Werner, senior vice president and managing director of technology and venture capital banking for City National in San Francisco.
City National has also hired James Demoy from Comerica as vice president and senior relationship manager. Demoy has been a technology banker for more than 15 years, working with venture and private equity backed companies. In addition, he has more than 25 years of experience in banking in a variety of roles, including providing credit products to venture capital firms. He is a graduate of Bentley University in Waltham, Mass., with a bachelor's degree in finance. He will report to Sweeney.
Just as Palo Alto is a hub for venture capitalists who like to work near great universities, like Stanford and U.C. Berkeley, and invest in companies throughout California, the more than 100 venture capital firms located in Boston invest in fast-growing tech firms throughout the East Coast. In 2012, Boston received the third highest amount of venture capital investments of any metro region in the U.S.
City National's technology team in Boston will work closely with the existing team in the Bay Area to expand current client relationships and build new ones with established and emerging companies, including venture capital-backed firms and their owners. Sweeney and Demoy will both work out of offices at Lee Munder, one of City National Bank's asset management affiliates, located at 200 Clarendon Street, Boston, MA 02116.
(For an image of Sweeney go to: https://www.cnb.com/PublishingImages/william-sweeney.jpg)
(For an image of Demoy go to: https://www.cnb.com/PublishingImages/james-demoy.jpg)
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $27.4 billion in total assets, and provides banking, investment and trust services through 78 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. The company and its investment affiliates manage or administer $59.0 billion in client investment assets, including $39.7 billion under direct management.
For more information about City National, visit the company's Website at cnb.com.
CONTACT: Media Contact: Debora Vrana, City National Bank, 213.673.7631 Debora.Vrana@cnb.com
Source:City National Bank