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.
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
- ^ "Failed Bank Information for City National Bank of New Jersey, Newark, NJ". FDIC. Retrieved 9 November 2019.
- ^ 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.
