City National Bank Provides San Clemente-Based Company with $12 Million Revolving Line of Credit
December 09, 2014
SAN CLEMENTE, CA – City National Bank, California’s Premier Private and Business Bank®, today announced that it has funded a credit facility totaling $12 million to Dana Innovations headquartered in San Clemente, California. Dana Innovations is engaged in the manufacturing and distribution of products that harmoniously blends design and technology typically geared toward high end residential and commercial properties for both interior and exterior use.
Dana Innovations, which was established in the early 1980’s, is the parent company of Sonance, iPort, and Trufig. The company is located at 212 Avenida Fabricante Street in San Clemente. Dana Innovations employs more than 100 employees and occupies over 75,000 square feet of office and warehouse space in San Clemente and a secondary location in Ontario, CA. Additionally, the company has a representative office in the province of Dongguan, China, as well as warehouse and distribution facilities in Hong Kong to serve its client base in Asia/Australia, and in Rotterdam, Netherlands to serve its client base in Europe/Middle East.
“We are very excited to have City National Bank as our new financial partner. We believe that it is essential to be part of a bank that understands our business needs and City National has the financial solutions and expertise that we were looking for in a bank,” said Pat McGaughan, Chief Operating Officer of Dana Innovations. “The revolving line of credit provided by City National Bank, affords us with the flexibility to support our future growth and expansion plans in all areas of our company.”
The founders of Dana Innovations introduced the world’s first in-wall loudspeaker system to the consumer electronics market. Since its beginnings thirty two years ago, Dana Innovations has continued to invent and introduce new and improved products that keep them on the leading edge of performance and design attributes for its market niche.
The company is not only regarded as a founder of the custom installation industry, it is a driving force creating new categories and pushing the boundaries of technology and design. With distribution in over 100 countries, each brand offers innovative and unique solutions that harmoniously blend technology and aesthetics – a philosophy that is favored by architects, interior designers, custom installers, home, and business owners throughout the world.
“Dana Innovations epitomizes the entrepreneurial spirit, ingenuity and hard work that so many companies in Orange County were founded on,” said Marie-Lou Godinez, senior vice president and relationship manager at City National Bank. “We appreciate the opportunity Dana Innovations has given City National to be their new banking partner moving forward. They are a great company with a solid history that we’re very excited to help get to the next level in their growth and expansion plans in this country and throughout the world.”
About City National
City National Corporation (NYSE: CYN) has $32 billion in assets. The company’s wholly owned subsidiary, City National Bank, provides banking, investment and trust services through 76 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. City National and its investment affiliates manage or administer $61.2 billion in client investment assets, including $49.1 billion under direct management.
For more information about City National, visit the company’s Website at cnb.com.