Markets Wired

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.