News

The new owner of City National Bank of New Jersey, a community lender that processed millions of dollars for suspected criminals and also violated federal safety-and-soundness rules, will not face enforcement for the institution's prior misdeeds, U.S. regulators said. Industrial Bank of Washington, D.C. came into possession of City National's three branches and the $120 million left on its books Nov. 1, when federal regulators forced the Newark-based lender into receivership for "unsafe and unsound practices" that led to the "substantial dissipation of assets and earnings." A spokesman for the Office of the Comptroller of the Currency, which criticized City...