City National Bank of New Jersey (CNB) is the only African-American owned and operated commercial bank in the states of New Jersey and New York. CNB’s primary mission is to provide its immediate community with loans, mortgages and other banking services, which may be unavailable to them through larger institutions. CNB places a particular emphasis on commercial lending, church lending and small business loans. 2003 FDIC fiscal accounting reports CNB’s net assets to be $235,858,000.
As a commercial bank, CNB offers the following competitive products:
- Low Cost Deposits: CNB offer depository products tailored to the needs of low
income communities. They include IDA, ETA, and low fee checking accounts for senior citizen and a
lifeline checking account for all customers. CNB opens checking and savings account with a minimum
deposit of $25.00.
- SBA Lending: More than 75% of CNB’s small
business loans are to minority and women owned businesses.
- Lines of
Credit: CNB formed a syndicate with 65 of the country’s largest minority and women-owned
banks. This substantially increases CNB’s lending capacity without increasing risk and gives the
bank a small-bank and large-bank flexibility. By bringing many banks into the process, CNB has
broadened the range of resources and provided an institutional and geographic diversity that is
extremely attractive to corporate clients.
- Certificates of Deposit (CD):
Clients have a choice of placing their CDs with a syndicate of minority and women-owned banks or
let CNB make the choice for them. CNB’s staff will then perform all of the administrative
responsibilities involved with placement. This program offers clients the unique advantage of
building diversity into their investment strategy.
CNB serves minority populations in the New York City Metropolitan area extending into Bergen, Passaic and Essex counties in New Jersey and Kings, Queens, New York and Nassau Counties in New York. Using Census 2000 information, the total population of these counties is approximately 9.3 million people. In these counties, approximately 80% of total businesses are small businesses (businesses with revenue less than $1 million). Of the small businesses, about 5% are in low-income areas and 15% are in moderate-income areas. The distribution of family income is: 15% low-income, 20% moderate-income, 45% middle-income and 20% upper income.
Since inception, CNB has been actively involved and committed to the community. It has developed a very close relationship with the church community, as well as provided support of local programs benefiting young people, senior citizens and the economically disadvantaged.
CNB total assets exceed $235 million. The loan portfolio is comprised of approximately $75 million commercial loans, $25 million in mortgage related products and $2 million in installment loans. CNB was ranked by Black Enterprise as the country’s ninth largest African-American owned and operated financial institution.