Industrial Bank Assumes All of the Deposits of City National Bank of New Jersey — 2019-11-01

WASHINGTON — 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. The three branches of City National will reopen as branches of Industrial Bank during normal business hours. Depositors of City National will automatically become depositors of Industrial Bank. Because deposits will continue to be insured by the FDIC up to applicable limits, customers do not need to change their banking relationship in order to retain their deposit insurance coverage.