City National and RBC Wealth Management-U.S. Appoint Veteran Banker to Lead Complementary Trust Capabilities
LOS ANGELES – City National Bank, America’s Premier Private and Business Bank®, announced today that it has named Alma Banuelos as the head of two complementary trust businesses at RBC Wealth Management-U.S. and City National Bank. She is based in City National’s Los Angeles headquarters and reports to Michael Pagano, executive vice president of City National’s Private Banking Division.
Banuelos is responsible for leading RBC’s state-chartered Delaware trust company and the nationally chartered City National trust business. Together, these groups administer significant assets for clients of City National Bank, RBC Wealth Management-U.S. and several other prominent wealth management firms. The groups have seasoned advisors with expertise in real estate trust management, special needs trust administration and estate settlement. City National partners with individual trustees to deliver the full range of trust services.
“Our trust capabilities fill an essential need for our clients, so it’s important that we provide them with expert advice and exceptional service,” said Pagano. “Alma’s leadership will help us do more of that, particularly as we grow and expand our resources.”
“We’re extremely pleased to have Alma leading our trust groups and helping us further our commitment to serving families,” said Michael Armstrong, chief executive of RBC Wealth Management-U.S. in Minneapolis. “Alma’s experience and leadership skills will help the two grow together, encourage collaboration and leverage our capabilities across both platforms.”
Banuelos has more than 25 years of experience providing trust services to wealthy families. Prior to joining City National, she served as a Southern California trust executive for U.S. Trust. Banuelos earned her bachelor’s degree in business administration from the University of La Verne. She also holds a Certified Trust Financial Advisor designation.
Both Michael Appley, the leader of RBC’s trust team, and Michael Dowling, the leader of City National’s trust team, remain in their respective roles, reporting to Banuelos.
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.
About RBC Wealth Management – U.S.
In the United States, RBC Wealth Management operates as a division of RBC Capital Markets, LLC. Founded in 1909, RBC Capital Markets, LLC. is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority, the Securities Investor Protection Corporation, and other major securities exchanges. RBC Wealth Management has $279 billion in total client assets with 1,800 financial advisors operating in 200 locations in 41 states.