D.C.-based Industrial Bank, one of the largest African American-owned banks in the country, has completed its acquisition of City National Bank of New Jersey, which failed and was closed by the Office of the Comptroller of the Currency on Nov. 1.
The Federal Deposit Insurance Corporation chose the Industrial Bank acquisition as what it called the least costly resolution.
It gives Industrial Bank two branches in New Jersey and one in New York City’s Harlem. Industrial Bank has seven branches in the District.
City National Bank of New Jersey, also African American-owned, had $120.6 million in total assets and $111.2 million in total deposits. Industrial Bank assumed all of the deposits for the failed bank and purchased essentially all of its assets.
City National was the fourth FDIC-insured bank to fail this year.
Black Enterprise ranks Industrial Bank as the nation’s fourth largest African American-owned bank, with $433.8 million in assets and $350.9 million in deposits in 2018.
“This acquisition will allow us to expand our footprint into the Northeast region and deepen our commitment to impacting economic development in various communities,” said Industrial Bank President and CEO B. Doyle Mitchell Jr.
Mitchell is the third-generation president of Industrial Bank, which was founded in 1934.
Editor’s note: This story has been updated to correct a figure.
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