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City National Bank of New Jersey has agreed to sell deposits and loans associated with a branch on New York's Long Island to Bethpage Federal Credit Union.
September 11 -
Clearinghouse CDFI in Lake Forest, Calif., has acquired Arizona MultiBank Community Development, a community development financial institution that operates in the Southwestern U.S. and on Native American reservations.
June 30 -
Most banks are interchangeable in the eyes of the average consumer. But a recent survey finds that mission-oriented banks distinguish themselves with greater employee diversity and a stronger commitment to lending in low- and moderate-income communities.
June 1
City National Bank of New Jersey in Newark has completed a $20 million recapitalization.
The $257 million-asset bank
City National Bank "has been a crucial source of capital and banking services for families, local small businesses, faith-based institutions and nonprofit organizations in our neighborhoods" Newark Mayor Ras Baraka said in a news release.
City National Bank is the only bank in New Jersey that was
Other investors that participated in City National Bank's recapitalization included New United Corp., East Coast Capital and the $356 million-asset Industrial Bank in Washington, D.C. JPMorgan Chase and Goldman Sachs Urban Investment Group provided financial advice on the investment round and Sullivan & Cromwell was legal counsel.
City National Bank continues to operate under a
City National Bank was founded to help rehabilitate Newark after riots in 1973. The bank says it is one of the largest African-American owned banks in the country.