May 11, 2009
3. City National Bank of New Jersey
City National Bank is a subsidiary of City National Bancshares, a one-bank holding company, founded in 1973.
The Newark-based bank was established to serve minority residents and business owners whose access to mainstream financial resources were historically limited. In 1971, Newark businessmen Charles L. Whigmam spearheaded a grass roots campaign to raise capital for City National Bank. Under his direction, 1,800 stakeholders purchased 60,000–raising $1.2 million.
More than thirty-five years later, City National Bank ranks as the New Jersey’s largest black-owned and operated commercial bank.
With ten branch locations in New Jersey, New York, and Pennsylvania, Central National Bank caters to the diverse banking needs of families, faith-based organizations, non-profit organizations and businesses within various service communities.