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Wednesday, November 20, 2019

Black-Owned Bank Celebrates Acquiring 3 New Branch Locations

Industrial Bank, one of the largest Black-owned banks in the country

Industrial Bank, one of the largest Black-owned banks in the country, has recently expanded its presence into the northeast region after acquiring City National Bank's two branches in New Jersey and one in New York.
The acquisition came after City National Bank, also a Black-owned bank, was shut down by the Office of the Comptroller of the Currency. Industrial Bank, which was originally founded in 1934, has acquired City National Bank's operations, deposits, as well as its assets. City National's residential business customers now have accounts with the Industrial Bank.

"We're excited about welcoming City National Bank's customers and teammates to the Industrial Bank family," Industrial Bank President and CEO B. Doyle Mitchell, Jr. said in a statement. "This acquisition will allow us to expand our footprint into the northeast region and deepen our commitment to impacting economic development in various communities."

According to the Federal Deposit Insurance Corporation (FDIC), City National had about $120.6 million in assets and $111.2 million in deposits on September 30. Industrial Bank, on the other hand, had $433.8 million in assets and $350.9 million in deposits in 2018. It now has a total of 10 branches in the Washington D.C. area, New York, and New Jersey.

"We consider this more of a partnership than an acquisition as we have enjoyed a long-standing relationship with City National Bank and its great team of bankers who share our common values and commitment to community service."

For more information about Industrial Bank, visit www.industrial-bank.com