LOS ANGELES, Feb. 26, 2024 (GLOBE NEWSWIRE) -- City National Bank has named Adey Tesfaye as the new head of its Community Reinvestment Act (CRA) department.
CRA programs help banks meet the credit needs of the communities they serve, particularly underserved areas. City National is committed to investing in its communities through its CRA initiatives that include providing loans and investments for affordable housing and economic development. In Tesfaye’s new role, she leads a team responsible for community outreach and developing strategies to increase residential, community development, and small business loan originations and investments that target low- to moderate-income populations and areas. Her team is also focused on building and strengthening partnerships with community development financial institutions (CDFIs), nonprofits, and government and regulatory agencies.
Tesfaye succeeds Sal Mendoza, who served as community development manager since 2008 and retired in January.
“Adey’s wealth of experience in community reinvestment will help City National make a significant impact through our community development initiatives in areas that need it most,” said David Cameron, executive vice president of Personal & Business Banking, City National Bank. “I’d like to thank Sal for his leadership and the impact he has made in our communities and within the bank. This work will never be done, and Adey and her team will play an essential role in City National’s efforts to address the wealth gap and create opportunities for the individuals, families and small businesses in our communities.”
Tesfaye has nearly 25 years of experience in the financial services industry, specifically in CRA. Prior to City National, she worked at Sterling Bank & Trust, where she served as senior vice president and CRA officer. She also managed CRA programs for other financial institutions such as HSBC and California Bank & Trust. Tesfaye is based in downtown Los Angeles.
“I am excited to help City National improve the financial lives and outcomes of people and businesses in our communities that have historically been underserved,” said Tesfaye. “This is meaningful work that can have a major impact, and my team is deeply invested in building lasting partnerships with local community development organizations and contributing to long-term, sustainable economic growth in the communities where we live and work.”
Tesfaye is active in the community and serves on the boards of directors for the Long Beach Economic Partnership, The Center by Lendistry and Pacific Gateway Innovation Network. She is also a board member for Local Initiatives Support Corporation, Los Angeles.
For an image of Tesfaye, click here.
About City National
With $93.77 billion in assets, City National Bank provides banking, investment and trust services through 65 branches, including 22 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Washington, D.C., and Miami.* In addition, the company and its investment affiliates manage or administer $94.49 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of the world’s leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 27 other countries.
For more information about City National, visit the company’s website at cnb.com.
*City National Bank does business in Miami and the state of Florida as CN Bank.
Media Contact:
Michele Manning
650-274-9333
michele.manning@cnb.com
