Bram Goldsmith, Hollywood’s “Banker to the Stars” who expanded City National Bank’s assets more than fivefold during two decades at its helm, has died. He was 93.
He died Feb. 28 of natural causes at his home in Beverly Hills, California, according to the Los Angeles-based lender.
Goldsmith served as chairman and chief executive officer of City National Bank from 1975 to 1995, expanding its assets to $3.2 billion from $600 million. He continued to serve as chairman of its former parent, City National Corp., until 2013. Royal Bank of Canada acquired the company in 2015.
“My father was a remarkable man, truly one of a kind,” City National Bank CEO Russell Goldsmith said Monday in a statement. “Among other things, he established the high standards, reputation, values and value proposition that continue to define City National today.”
City National Bank has a history of supporting the entertainment industry, funding about 50 movies a year, according to a 2012 Los Angeles Times story. In 1963, Frank Sinatra borrowed money to pay ransom to his son’s kidnappers. The bank also loaned Arnold Schwarzenegger $4.5 million to help fund his first California gubernatorial race in 2003.
Other clients included Hollywood VIPs Kirk Douglas and Steven Spielberg, and celebrity chef Wolfgang Puck. A Newsweek profile in 1985 called Goldsmith the “Banker to the Stars.”
Early Life
Bram Goldsmith was born Feb. 22, 1923, in Chicago to Max and Bertha Goldsmith. He attended the University of Illinois, where he studied finance and business administration. In 1942, he joined the U.S. Army and served in Burma.
Goldsmith moved to Southern California in 1952 and founded Buckeye Realty and Management Corp., which built homes in the suburbs of Los Angeles. Later, he constructed office buildings along Wilshire Boulevard and the City National Bank building in downtown Los Angeles.
His father-in-law, Ben Maltz, was among the original investors in City National Bank, which opened its doors in 1954. He replaced Maltz on the board a decade later.
Under Goldsmith, the bank opened branches in Los Angeles and surrounding counties, and pioneered one of the nation’s first ATM networks. It concentrated on lending to small- and mid-sized businesses, real estate companies and professional-service firms tied to the entertainment industry.