City National Bank’s (CNB) history started in 1971 when a group of civic leaders recognized an economic void in the City of Newark, New Jersey’s largest city. United to address this challenge, these foresighted individuals believed Newark needed a financial institution that would serve all people and help strengthen local neighborhoods. These civic leaders were determined to establish a bank that would be sensitive to the needs of Black, Hispanic and other minorities whose access to credit and banking services were historically limited.

Charles L. Whigham, a prominent New Jersey businessman and community leader, spearheaded a grassroots effort to raise capital.  Walking from door-to-door, Mr. Whigham and several other founders took their idea to the community. With determination and perseverance, the founders met with church groups and community leaders to sell stock in the bank. In less than two years, approximately $1.2 million was raised when 1,800 shareholders purchased 60,000 shares. Since its inception in June 1973, City National Bank has maintained an allegiance and steadfast commitment to better serve the banking needs of families, faith-based organizations, non-profit organizations and businesses within various service communities. 

Under the leadership of Louis E. Prezeau, who has served as president and CEO since 1989, City National Bank is poised to continue as a profitable, service-oriented bank with a strong capital base, consistent earnings, high asset quality and an undisputable presence in the community. The bank is well capitalized with access to more than $27 million in capital.  Consolidated assets are $453 million with $226 million in loans and $400 million in deposits.  Proudly, City National Bank is ranked as the third largest African-American owned and operated financial institution in the United States by Black Enterprise magazine.

While serving both personal and commercial customers, City National Bank has continued to expand its presence and invest in the community. Today, with 10 branches City National Bank’s headquarters is based where it was founded in the City of Newark. CNB has three locations in Newark, other New Jersey branches serving Hackensack and Paterson. New York locations include Harlem, Brooklyn, Roosevelt, and Hempstead, Long Island. City National Bank’s Philadelphia Branch is located in “Center City”, the heart of the Philly’s business district.

City National Bank is a community-focused and fiscally sound financial institution.  Operating in three states, CNB is the only African-American owned and operated commercial bank in the State of New Jersey and the State of New York. City National Bank is a subsidiary of City National Bancshares, a one-bank holding company.