Categories: Office of the Comptroller of the Currency

OCC Appoints Receiver for City National Bank of New Jersey, Newark, New Jersey

News Release 2019-130 | November 1, 2019

WASHINGTON – The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for City National Bank of New Jersey, Newark, New Jersey, a national bank (bank).  The bank had branch offices in Newark and New York City.  As of September 30, 2019, the bank had approximately $120 million in total assets.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe or unsound practices.  The OCC also found that the bank was undercapitalized and failed to submit a capital restoration plan acceptable to the OCC.

The FDIC will release information about the resolution of the bank.

Media Contact

Stephanie Collins
(202) 649-6870

Related posts:

  1. OCC Appoints Receiver for Resolute Bank, Maumee, Ohio
  2. Acting Comptroller of the Currency Presents Varo Bank, N.A. Its Charter
  3. OCC Issues Rule Creating Exception to Withdrawal Period Requirement for Collective Investment Funds, Eases Impact of COVID-19
  4. OCC Assesses $80 Million Civil Money Penalty Against Capital One
IR Press

Leave a Comment
Share
Published by
IR Press
Tags: Branches and Offices
5 years ago

Recent Posts

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

2 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

3 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

3 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

3 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

3 days ago

TSX Trading Suspended – Chesswood Group Limited (CHW)

TMX Group Limited and its affiliates do not endorse or recommend any securities issued by…

4 days ago