City National Bank Appoints New Head of Residential Lending
February 15, 2017
Paul Weiss will lead the bank’s mortgage growth initiative,
including expansion into new communities
LOS ANGELES – City National Bank, America’s Premier Private and Business Bank®, announced today that it has named Paul Weiss as executive vice president and head of the bank’s Residential Lending team. In addition, Weiss will join City National’s Executive Committee.
“City National has been providing residential loans to clients for many years, and under Paul’s leadership we plan to further expand our home mortgage capabilities,” said Chris Warmuth, president of City National Bank. “Paul is the right leader at the right time for this natural expansion.”
Weiss has more than 25 years of experience in consumer and commercial lending. Prior to joining City National, he served as a managing director with Deloitte Consulting, where he was a senior lending specialist and subject matter advisor, as well as Deloitte’s national mortgage leader. He began his career as a senior consultant with Price Waterhouse.
City National’s residential lending team specializes in originating first mortgages and concurrent equity lines of credit for bank clients. City National provides mortgages in 24 states, and its portfolio of home mortgages and equity lines of credit has grown to $7.6 billion.
In 2015, City National merged with Royal Bank of Canada (RBC). Since then the Los Angeles-based company has grown rapidly, and it continues to forge strong ties with RBC’s U.S. Wealth Management business, which is headquartered in Minneapolis. City National is opening a new office there and another one in Washington, D.C., and Weiss will help support the growth of residential lending.
Weiss earned a bachelor’s degree in mathematics from Davidson College and a master’s degree in mathematics from the University of North Carolina at Chapel Hill.
Nationwide, U.S. existing home sales grew 0.7 percent in 2016 to 5.25 million total sales — the most since 2006. Median home prices grew 4 percent to just over $232,000, the 58th consecutive month of year-over-year gains, according to the National Association of Realtors®. During the same time, California’s existing home sales grew 0.6 percent and its median price grew nearly 4 percent to just under $510,000, according to the California Association of Realtors®.
About City National
With $47 billion in assets, City National Bank provides banking, investment and trust services through 73 offices, including 16 full-service regional centers, in Southern California, the San
Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. In addition, the company and its investment affiliates manage or administer $58 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 16 million personal, business, public sector and institutional clients through offices in Canada, the United States and 36 other countries.
For more information about City National, visit the company’s website at cnb.com.