JERSEY CITY -- A Newark-based African American-owned bank may soon open an office on Martin Luther King Jr. Drive in Jersey City.
Hudson County Freeholder Bill O’Dea announced at the April 27 caucus of the Hudson County Freeholders that City National Bank of Newark will open a branch on MLK Drive provided certain deposit goals are met.
O’Dea said this would mean a substantial deposit of funds from the city of Jersey City and some deposits from Hudson County.
“Bank representatives spoke to me, hoping that the county might put some of our deposits in the branch. I also spoke with Senator [Sandra] Cunningham about possibly putting some state funds into the bank,” O’Dea said. “They also asked some technical questions about financing.”
Freeholder Jeff Dublin said the new bank has a good track record for providing loans and other investments in the community, and would serve an area that was abandoned when Bank of America closed its offices there on short notice.
Dublin said City National Bank has been doing business in Newark for more than 20 years.
“It would be great to have a bank back in the area,” he said.