On October 7, 2015, the US Board of Governors of the Federal Reserve System announced the approval of the applications by Royal Bank of Canada and its subsidiary, RBC USA Holdco Corporation, to acquire City National Corporation and its wholly owned subsidiary, City National Bank, under section 3 of the Bank Holding Company Act. City National is a $33 billion banking organization. The Federal Reserve Board’s approval comes approximately seven months after submission of the application, which was the subject of comments opposing the application.
On the same day, the Federal Reserve Board approved the application by Royal Bank of Canada to establish a limited federal branch in New Jersey. As a limited federal branch, it will only take deposits permitted to be taken by an Edge corporation under section 25A of the Federal Reserve Act.
The Federal Reserve Board press release announcing the approval of the acquisition is available at: http://www.federalreserve.gov/newsevents/press/orders/20151007a.htm; the Federal Reserve Board order approving the acquisition is available at: http://www.federalreserve.gov/newsevents/press/orders/orders20151007a1.pdf; the Federal Reserve Board press release approving the limited branch is available at: http://www.federalreserve.gov/newsevents/press/orders/20151007b.htm and the Federal Reserve Board order approving the limited branch is available at: http://www.federalreserve.gov/newsevents/press/orders/orders20151007b1.pdf.