City National Bank of New Jersey (“City National”) in Newark was closed today by the Office of the Comptroller of the Currency

"City National Bank of New Jersey (“City National”) in Newark was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. 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," stated a representative from the Federal Deposit Insurance Corporation.

Mr. Charles Whigham was the founder of City National Bank of New Jersey. He was an African - American banker.