(EMAILWIRE.COM, April 03, 2002 ) City National Bank today launched "Reading Is The Way Up," a multi-faceted, statewide literacy initiative designed to address the plight of California public school libraries.

At an event this morning to kick off the program, City National Chairman and CEO Russell Goldsmith presented a check for $100,000 to First Lady Sharon Davis. The money is expected to add about 5,000 books to public school libraries through a program set up by the Governor's Book Fund and the California State Library Foundation.

"Even in this age of technology, books are still the foundation for learning," said Goldsmith. "California's public school libraries are in better shape today than they were several years ago, thanks largely to the Governor's Book Fund, but there's still plenty of work to do. Our public school libraries still don't have enough books, and too many kids don't have access to books that are current and compelling. City National is committed to California and to premier performance. We're pleased to take the corporate lead in this important public/private partnership, which will truly help every child in California reach his or her full potential."

Goldsmith joined Davis and California State Librarian Kevin Starr to award $5,000 grants to school libraries at 20 Los Angeles area schools (list of schools attached). Students, librarians and principals of the schools were on hand to receive the awards, as well as books provided by Scholastic Publishing.

In addition to its initial $100,000 contribution, City National Bank plans to raise awareness of the current state of California public school libraries and to encourage donation of funds and books through its program, "Reading Is The Way Up." The initiative includes:

Involving some of City National's 2,200 California colleagues in volunteering their time for reading in schools;
Organizing book drives in the California communities in which it operates;
Working with private donors to raise funds for more books; and
Urging local, state and federal lawmakers and school administrators to earmark more money for public school libraries.
"We are so pleased that Russell Goldsmith and City National Bank have stepped forward to lead this critical effort that is so important to the state's future and to our next generation of Californians," said Sharon Davis. "Reading is the gateway skill and school libraries are on the front lines."

Recent research shows that the number of books in a school library is directly related to how well children perform on literacy tests. Two studies by the Library Service Center of the Colorado State Library found that better school libraries improved scores on standardized achievement tests by 10 to 15 percent over peers in library-impoverished schools, regardless of social and economic factors.

Historically, California school libraries have not received specific state funding; school districts allocated funds as they deemed appropriate. With the passage of Proposition 13 in 1978, funds for libraries dried up as school districts struggled to cover basic costs. By 1995, badly neglected school libraries averaged 11 books per student - compared with a national recommendation of 16 to 25 books per student. The average copyright date for a non-fiction book was 1972.

For the past four budget-surplus years, school libraries have received specific funding of $158 million per year and have raised the number of books to 11.9 per student and the average copyright date to 1982. With a budget shortfall looming this year, future funding is uncertain.

About City National

On December 31, 2001, City National Corporation had assets of $10.2 billion. The company is traded on the New York Stock Exchange under the symbol "CYN." Its wholly owned subsidiary, City National Bank, is the second largest independent bank headquartered in California. As California's Premier Private and Business Bankâ, City National delivers banking, trust and investment services through 53 offices in 11 counties throughout Southern California and the San Francisco Bay Area.

For more information about City National, visit the company's website at cnb.com

Note to Editors: Download the full press release including a table of GOVERNOR'S BOOK FUND SCHOOL LIBRARY ENRICHMENT GRANTS from the asset column at the right

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Produced for City National

Contacts:

Linda Mueller,
City National Bank,
213.833.4719
linda.mueller@cnb.com

Barbara Sayre Casey,
Casey Sayre & Williams, Inc.,
310.458.1224
bcasey@caseysayre.com

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Contact Information:
City National Bank
Joseph Nchor
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