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| City National Bank of New Jersey |
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Mission statement:
City National Bank, a minority-owned and managed commercial bank, is dedicated to building wealth and improving the quality of life within the communities it serves by:
Providing 100% customer satisfaction through personalized, flexible and professional services.
Maintaining stable earnings, strong asset quality, and enhancing shareholder value.
Providing a stimulating and challenging work enviroment that encourages, develops, and rewards excellence. |
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Overview:
Welcome to City National Bank (CNB), a fiscally sound institution where our entire staff is dedicated to providing the highest quality service to customers who are striving to achieve their financial goals.
With over 35 years of experience in the banking industry, I am honored to serve as the President and CEO of City National Bank, a position that I have held since 1989. This bank is well capitalized with over $460 million in consolidated assets and with more than $260 million loans, CNB will continue investing in the growth and development of the communities we proudly serve.
Our vision of expanding into new markets will neither compromise our gross profitability nor our ability to offer personalized and flexible service to our customers. We remain, as we have been since being established 1973, committed to building our legacy as a socially responsible urban community bank.
The United States Treasury Department has designated City National Bank as a Community Development Financial Institute (CDFI). This distinction helps us maintain our presence in underserved communities. More specifically, since we received this federal designation several years ago, City National Bank has collaborated with non-profit organizations, faith-based organizations, and businesses to invest millions in capital resources within the communities where the need is greatest.
Part of our mission states, City National Bank is a minority-owned and managed commercial bank. We are dedicated to building wealth and improving the quality of life in New Jersey and New York. You can rely on the professionals at City National Bank. Our ultimate goal is to not to be the best minority-owned bank, instead we aim to be the best operated bank. Thank you for visiting us online. We sincerely appreciate having the opportunity to serve you. |
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History:
City National Bank’s (CNB) history started in 1971 when a group of civic leaders recognized an economic void in the City of Newark, New Jersey’s largest city. United to address this challenge, these foresighted individuals believed Newark needed a financial institution that would serve all people and help strengthen local neighborhoods. These civic leaders were determined to establish a bank that would be sensitive to the needs of Black, Hispanic and other minorities whose access to credit and banking services were historically limited.
Charles L. Whigham, a prominent New Jersey businessman and community leader, spearheaded a grassroots effort to raise capital. Walking from door-to-door, Mr. Whigham and several other founders took their idea to the community. With determination and perseverance, the founders met with church groups and community leaders to sell stock in the bank. In less than two years, approximately $1.2 million was raised when 1,800 shareholders purchased 60,000 shares. Since its inception in June 1973, City National Bank has maintained an allegiance and steadfast commitment to better serve the banking needs of families, faith-based organizations, non-profit organizations and businesses within various service communities.
Under the leadership of Louis E. Prezeau, who has served as president and CEO since 1989, City National Bank is poised to continue as a profitable, service-oriented bank with a strong capital base, consistent earnings, high asset quality and an undisputable presence in the community. Proudly, City National Bank is ranked among the top ten largest African-American owned and operated financial institution in the United States by Black Enterprise magazine.
While serving both personal and commercial customers, City National Bank has continued to expand its presence and invest in the community. Today, with 10 branches City National Bank’s headquarters is based where it was founded in the City of Newark. CNB has three locations in Newark and a branch located in Patterson, New Jersey. New York locations include Harlem, Brooklyn, Hempstead and Long Island.
City National Bank is a community-focused and fiscally sound financial institution. Operating in three states, CNB is the only African-American owned and operated commercial bank in the State of New Jersey and the State of New York. City National Bank is a subsidiary of City National Bancshares, a one-bank holding company. |
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