City National Bank has appointed David Acosta as senior VP and team leader for entertainment.
Relocating from New York to Beverly Hills, the City National vet will focus on film and television production lending as well as sports financing.
Acosta has more than a decade of banking experience, and will join a senior staff which includes Norman Starr, Judy Tu and Crockett Woodruff.
Reporting to team manager Dan Zbojniewicz, he will work with entertainment groups on both coasts to service the bank’s media and sports clients.
“The entertainment business is really a global business, and I think this really presents an opportunity for us to treat it as such,” Acosta told Variety.
City National is active in single-picture financing as well as multi-picture and syndicate deals. As Hollywood has responded to the financial crisis of 2008, City National has focused on individual film financing for the past 18 months, something that Acosta expects to change over time.
“Frankly, I think we’ve all seen the market for syndicated deals has been relatively soft up until recently,” he said.
Acosta points to new capital that is trickling into the market, saying that he expects more larger transactions as investors re-enter Hollywood. This past year, City National has participated in a number of multi-picture financings, including credit facilities for Summit Entertainment and Alcon Entertainment.