Industrial Bank announced its acquisition of City National Bank of New Jersey, with two branches in New Jersey and one branch in New York City’s Harlem neighborhood.
Much like Industrial Bank, City National Bank was launched to fill an economic void within the African American community, where access to credit and banking services was historically limited. However, bank officials consider their latest accomplishment more of a partnership than an acquisition, having embraced a long-standing relationship with City National Bank and its team of bankers who share Industrial’s common values and commitment to community service.
“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 said in a statement Friday. “This acquisition will allow us to expand our footprint into the northeast region and deepen our commitment to impacting economic development in various communities.”
In August, Industrial Bank, which reinvests more than 60 percent of its assets back into the community every year and continues to activate and support community programs, celebrated its 85th anniversary.