City National Bank Names Verna Grayce Chao Head of Treasury Services

LOS ANGELES – City National Bank, America’s Premier Private and Business Bank®, today announced the promotion of Verna Grayce Chao to executive vice president and head of the bank’s Treasury Services division. Chao has served as general manager of the bank holding company’s Datafaction subsidiary for the past two years. She will succeed James Daley, who is retiring from the bank after more than a decade.

In her new role, Chao will oversee a department of more than 200 colleagues, taking responsibility for City National’s commercial deposit products and continuing to oversee Datafaction. She will join the bank’s Executive Committee and report to President Chris Warmuth.

“Verna Grayce is a highly skilled executive who has built a strong track record of success here at City National,” Warmuth said. “In addition to assembling an outstanding team, she spearheaded the development of a premier financial solution that seamlessly integrates accounting, bill pay, online banking, and treasury capabilities for business managers and high-net-worth clients.”

Chao has more than two decades of financial services and management experience. Before joining Datafaction, she served as the general manager and chief marketing officer of Source Medical Solutions. Additionally, she was the marketing director for Dell and program director for IBM. She earned her bachelor’s degree from Boston University and her master’s degree in business administration from the University of Chicago’s Booth School of Business.

Daley joined City National in 2008 to lead its newly-formed Treasury Services division. He played key roles overseeing the bank’s treasury management, specialty deposits and Datafaction businesses. Daley served on City National’s Executive Committee and its Pricing and Capital Committees.

City National’s Specialty Deposits business, which serves title and escrow companies, 1031 Exchange accommodators, property management firms and other similar clients, will move from Treasury Services to Real Estate Banking, which is led by Mark Forbes.