City National Bank

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City National Bank
21-2 Mill Street
Paterson, New Jersey 07501
Phone: 973.279.8700
Fax: 973.279.4424

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.

Personal Loans > Mortgage Loans
Buying a home is the most important purchase a family or an individual will ever make. Enjoy our personalized customer service and the best rate you are eligible for with a CNB customized loan program. We offer a variety of mortgage programs for homeowners and first-time homebuyers. CNB’s friendly and experienced staff will work with you through each step of the process. Our options include loan amounts up to $1 million in financing for single family residences to 1-4 unit properties.

Personal Loans
- Personal Loans
- Automobile Loans
- Credit Cards
- Mortgage Loans
- Home Equity / Home Improvement
- Private Reserves

•Fixed-Rate Mortgages

•Adjustable-Rate Mortgages

•On-time closing

•Online account management

•Automatic payment options

Terms to consider when choosing a mortgage:

Fixed-Rate Mortgages – a fixed-rate mortgage means the interest rate and principal and interest payment remain the same for the entire life of the loan.

Advantages -

1.Consistent principal and interest payment make this loan stable.
2.Your rate will not change so whatever is happening in the market will not affect your loan payments.
3.This is a good choice if you are likely to stay in your home for a long time.
Adjustable-Rate Mortgages – an adjustable-rate mortgage (ARM) means that the interest rate and monthly payment will change over the life of the loan, according to the terms which are specified in advance.

Advantages –

1.The initial interest rate is usually lower than with a fixed-rate mortgage.
2.The initial monthly payment will also be lower.
3.The interest rate will be adjusted (up or down) and the monthly payment will then increase or decrease.
4.ARMs are a good choice for homeowners who are not planning to stay in their home.