Skyriver Communications, a leading business ISP, enters into new banking relationship with City National Bank.
San Diego, February 13, 2014
- Skyriver Communications, a leading business ISP
, announced today that it has entered into a new banking relationship and financing agreement with City National Bank. As part of the deal, Skyriver has secured access to a $2 million credit facility which provides both a working capital line of credit as well as an equipment financing facility. Skyriver will use the proceeds from the financing to aggressively grow its business through further expansion of its network footprint and to develop next generation broadband service offerings that the Company will bring to market in the near future.
Maria Chan, Senior Vice President of City National's Commercial Banking Services stated, "City National has been serving successful entrepreneurs and small and mid-size businesses for 60 years, and we're pleased to be meeting the financial needs of Skyriver."
Adam Gickling, CFO of Skyriver stated, "We are thrilled that City National Bank is helping to finance Skyriver's growth and next generation initiatives. The team at City National took the time to really learn about our business model and the distinct advantages our services offer for businesses looking to improve their Internet connectivity. The City National team was thorough and attentive in their approach and have shown great flexibility in structuring terms that are right for Skyriver."
About Skyriver Communications - www.skyriver.net
Skyriver Communications is a highly specialized engineering and knowledge-driven broadband provider. Headquartered in San Diego, CA, Skyriver is one of the first and largest independent fixed wireless Internet service providers. The business class broadband service, offering robust bandwidth up to GigE, is designed for maximum efficiency, scalability, agility and dependability for businesses that rely on broadband for their business success. Skyriver provides primary and redundant broadband business services, in addition to temporary Event Bandwidth, to thousands of businesses in San Diego, Los Angeles, Orange County, Riverside, San Bernardino, Oxnard, Ventura, Palm Springs and Palm Desert communities.
About City National
City National Corporation has $29.7 billion in assets. The company's wholly owned subsidiary, City National Bank, provides banking, investment and trust services through 77 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. City National and its investment affiliates manage or administer $64.7 billion in client investment assets, including $45.0 billion under direct management. For more information about City National, visit the company's Website at cnb.com