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Thursday, Mar 28, 2024
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L.A. Bank to Close San Diego Branch

A Los Angeles-based bank is closing one of its San Diego branches and consolidating it into its Mission Valley office.

City National Bank recently notified the state’s Economic Development Department that it had laid off four people in connection with the office’s closure, slated for May 26.

However, a bank spokesman said the company still sees San Diego as a “strong growth market” for the bank, and that the organization is in fact in expansion mode.

The bank hired more than 400 new employees last year and plans to hire “a considerable number” more this year, spokesman Paul Stowell said.

City National recently hired a new manager for City National’s commercial banking division in San Diego. Aaron Olson, who has been in the industry for 17 years, comes to San Diego from Orange County, where he was team lead for middle market banking.

Clients of the City National branch that is slated to close, which is just outside of Poway, have been notified via email about the shutdown and relocation, Stowell said.

Employees of the branch will get the chance to move into other positions with the bank “given City National’s current aggressive hiring mode,” he said.

“City National is constantly looking at its delivery channels and evaluating where its branch facilities should be located to address the banking needs of its existing clients as well as new growth opportunities,” the bank said in a statement. “With the growing demand of mobile banking and online capabilities, this is also causing banks to re-evaluate their branch delivery channels with a more strategic fit and focus.”

City National has had a presence in San Diego since 1979, when it opened an office in La Jolla.

In addition to its La Jolla and Mission Valley locations, the bank has offices in downtown, Solana Beach, UTC and La Jolla Village.

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