City National Bank Releases 2020 Corporate Social Responsibility Report
LOS ANGELES and NEW YORK, May 12, 2021 (GLOBE NEWSWIRE) — City National Bank has released its 2020 Corporate Social Responsibility (CSR) report, which details the company’s dedication to helping its clients, colleagues and communities thrive and prosper. The theme of this year’s report, “When It Matters Most,” reflects how City National recommitted itself to living up to its values during the global coronavirus pandemic.
“Corporate social responsibility is core to our culture at City National, and 2020 reminded us exactly why it’s so important,” said Kelly Coffey, chief executive officer of City National. “The report is full of stories that highlight our dedication to our clients, colleagues and communities in a year that was unlike any other. It reminds us that our purpose can’t be found in a profit and loss statement, because ultimately, our mission is much bigger than that. We are here to serve others when it matters most.”
As detailed in its 2020 CSR report, City National’s contributions to building a world that is safer, healthier and more equitable for all people included:
Communities
- Investing $13.2 million toward charitable and civic programs, a 3% increase over 2019.
- Making the biggest donation in company history by giving more than $2 million to support communities facing the pandemic’s humanitarian, healthcare and financial challenges.
- Adapting to social distancing guidelines in order to volunteer more than 20,000 hours with nonprofit organizations.
Equity
- Donating more than $360,000 to the Equal Justice Initiative and the NAACP Legal Defense and Education Fund to assist in the fight for social and racial justice.
- Launching a new executive mentorship program to advance the careers of Black colleagues.
- Adding 10 new organizations and 16 new universities across the nation to the company’s talent pipeline in order to better connect with diverse talent.
Colleagues
- Creating a dedicated Colleague Relief Fund to provide financial assistance directly to colleagues and their families affected by COVID-19.
- Augmenting the company’s existing sick pay policy with up to two weeks of supplemental sick pay benefits to cover certain circumstances related to COVID-19.
- Moving more than 85% of colleagues to working remotely, and implementing new protocols at branches and offices to help keep clients and colleagues safe.
Environmental Sustainability
- Financing 2 gigawatts of renewable power for 24 wind and solar energy projects.
- Securely shredding and recycling more than 589,000 short tons of paper.
- Recycling more than 97,000 pounds of electronic waste.
Responsible Business
- Originating $1.2 billion of community development loans.
- Sponsoring $4.81 million of Federal Home Loan Bank of San Francisco Affordable Housing Program grants.
- Investing $97.7 million in low-income housing tax credits that provide financing to developers of affordable housing.
To view City National’s CSR report, please visit https://www.cnb.com/content/dam/cnb/about-us/community/2020-csr-report.pdf.
City National is a subsidiary of Royal Bank of Canada (RBC). RBC recently released its 2020 Environmental, Social and Governance (ESG) Performance Report, which offers insights into overarching strategies, new and continuing commitments, and performance related to relevant ESG topics. To view RBC’s report, please visit: https://www.rbc.com/community-social-impact/_assets-custom/pdf/2020-ESG-Report.PDF
About City National
With $75.8 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 $86.3 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.
For more information about City National, visit the company’s website at cnb.com.
*City National Bank does business in Miami and the state of Florida as CN Bank.
Media Contact:
Jennifer Harlan, City National Bank, (917) 322-0994
[email protected]
