City National Bank announced Monday (Aug. 13) that is has acquired Exactuals, the Los Angeles-based metadata company that provides solutions for complex payments across the entertainment industry.
Exactuals, which will remain under the leadership of CEO Mike Hurst, will continue to modernize the residuals and royalty payment process for the entertainment industry. City National also said that it expects Exactuals to increase deposits and enhance the services it can offer to the bank’s entertainment clients, as a now wholly owned subsidiary of the bank.
"Exactuals has developed a groundbreaking and unique payments and reporting platform that enhances security and reliability. This acquisition builds on City National’s history of serving the entertainment industry, and it is the latest example of our commitment to provide clients with premier service and state-of-the-art payments systems. We look forward to helping Exactuals as the firm continues to grow," said City National Bank Chairman and CEO Russell Goldsmith.