City National Bank (New Jersey)

City National Bank was a regional bank headquartered in Newark, New Jersey with four branches in the New York metropolitan area. According to the June 2011 issue of Black Enterprise magazine, it was the seventh largest African-American owned and operated commercial bank in the United States.

Not to be confused with City National Bank (California), which has a single branch in this bank's service area.
City National Bank of New Jersey
TypePrivate
IndustryRetail and commercial banking
GenreBanking
Founded1972
FounderCharles Whigham
DefunctNovember 1, 2019 (2019-11-01)
FateBank failure; assets acquired by Industrial Bank (Washington D.C.)
Headquarters
900 Broad Street
Newark, New Jersey
Number of locations
Three in Greater New York
($3,677,000) (As of 12/31/11)
Total assets$358,442,000 (As of 12/31/11)
OwnerCity National Bancshares
Number of employees
86 (As of 12/31/11)
WebsiteCityNatBank.com

As of January 2018, the bank had 3 branches, down from a peak of 9 in 2009: 2 in New Jersey and 1 in Harlem.

On Friday, November 1, 2019, City National Bank of New Jersey was closed[1] by the Office of the Comptroller of the Currency. The FDIC was named receiver. Industrial Bank, a similar Black-owned bank headquartered in Washington D.C., acquired all deposit accounts and essentially all assets.[2]

References
  1. "Failed Bank Information for City National Bank of New Jersey, Newark, NJ". FDIC. Retrieved 9 November 2019.
  2. NJ.com, Sophie Nieto-Munoz | NJ Advance Media for (2019-11-17). "N.J.'s only black-owned community bank was closed by the feds. Here's why". nj. Retrieved 2021-06-08.
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