On Friday, November 1, 2019, City National Bank of New Jersey, Newark, NJ was closed by the Office of the Comptroller of the Currency. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
All deposit accounts, including brokered deposits, have been transferred to Industrial Bank, Washington, DC. For more information on Industrial Bank, visit us at www.industrial-bank.com.
The FDIC has assembled useful information regarding your relationship with City National Bank of New Jersey. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.
FDIC officials say to protect depositors, the FDIC entered into a purchase and assumption agreement with Industrial Bank in Washington, D.C., to assume all of the deposits of City National.
The three branches of City National will reopen as branches of Industrial Bank during regular business hours. Depositors of City National will automatically become depositors of Industrial Bank.
Because deposits will continue to be insured by the FDIC up to applicable limits, customers do not need to change their banking relationship in order to retain their deposit insurance coverage.
Cit National Bank was one of the few minority-owned banks in the country. Officials say Industrial, which is also a minority depository institution, agreed to buy all of City National’s assets essentially and assume all of the failed bank’s deposits.
Customers of City National should continue to use their existing branch until they receive notice from Industrial Bank that it has completed systems changes to allow other Industrial Bank branches to process their accounts as well.
As of September 30, 2019, City National had approximately $120.6 million in total assets and $111.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Industrial Bank agreed to purchase all of its assets essentially.
The bank had five branches in Newark-Paterson-NYC:
Main Office 900 Broad Street Newark, NJ
Newark South Side Branch 1080 Bergen Street Newark, NJ
Paterson Branch 125 Broadway Paterson, NJ
East New York Branch 2815 Atlantic Avenue New York, NY
West Harlem Branch 382 West 125 Street New York, NY
Please select the link below to read more about this event:
FDIC Bank Closing Information for City National Bank of New Jersey
