City National BankA HISTORY OF PARTNERSHIPS SERVING THE COMMUNITY

ity National Bank of New Jersey, like many other community banks, was formed by non-

bankers. Thirtynine years ago, Charles L. Whigham and a group of concerned citizens saw that the African American community in Newark had limited access to credit services and financial products sensitive to their needs. This committed group raised capital by engaging churches, residents and small business owners, asking them to invest in a solution that would serve the community. Members of faith-based institutions like Metropolitan Baptist Church, which are now some of the bank’s largest customers, were among the earliest investors. The need was great and the community understood that a long-term commitment was essential to provide the resources for financial stability. Whigham led City National Bank for 16 years, finding success offering credit to small businesses and providing banking services to the unbanked Newark community. When the bank ran into trouble in the late 1980’s, Louis E. Prezeau was recruited from Freedom Bank in Harlem to stabilize and expand the bank. New Jersey-based financial institutions such

as Midlantic Bank (now part of PNC) and First Fidelity (now part of Wells Fargo) invested in City National Bank. This infusion of capital allowed the bank to eventually expand into Bergen and Passaic counties and additional markets with large underserved minority populations. After 22 years at the helm, Prezeau retired from his position as president, CEO and director. In 2011, the board asked Preston Pinkett, who previously worked at Prudential, PNC and Chemical Bank of New Jersey, to take on the role of president and CEO. Pinkett, along with current board members Eugene Giscombe, H. O’Neil Williams, Alfonso Carney and Lemar Whigham, has been focused on returning the bank to profitability while maintaining its founding mission. To meet these challenges, which have been intensified by the economic climate, a new management team needed to be built and now includes seasoned professional bank executives: Paul A. Maisch, previously with Provident New York Bancorp; David M. Scheck, previously with Midlantic and PNC; Shawn R. White, Esq., previously with Prudential; Carlton West, previously with Florida Community Bank; Joanne

Gallo, previously with Brooklyn Federal; Patricia Nelson, previously with PNC; and Walter Bond, previously with Carver Federal Savings Bank. This leadership team has instituted a new business model focused on community development financing and products to improve City National Bank’s ability to meet customers’ financial services needs. The evolution of this platform will allow the bank to be more responsive to the needs of the community and nonprofits it serves. City National Bank is an institution created and supported by partnerships committed to addressing the needs of the unbanked and under-banked consumer. It is these partnerships between the bank, New Jersey’s financial institutions, and community based organizations that will address the financial social impact needed to improve New Jersey’s urban communities. Today, almost 40 years later, City National Bank is still the only African American-owned and -operated bank in New Jersey, and the only regulated bank that qualifies as a community development financial institution in the state.

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