North Jersey Community Bank (NJCB) has assumed from the Federal Deposit Insurance Corporation approximately $41m in total deposits of Citizens Community Bank in Ridgewood, New Jersey.
According to NJCB, the sole branch of Citizens Community Bank has reopened as the seventh branch of the bank. Depositors of Citizens Community Bank will automatically become depositors of NJCB and deposits will continue to be insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 for interest bearing accounts and without limitation for non-interest bearing transactional accounts.
Frank Sorrentino III, chairman and CEO at NJCB, said: While it is unfortunate to see a fellow community bank fail, we appreciate the opportunity to work with the FDIC and look forward to providing the customers of Citizens Community Bank with our unparalleled level of customer service. NJCB already has a unique knowledge of the Ridgewood area and we are confident in our ability to conduct business as usual, providing a smooth transition for all those affected.
North Jersey Community Bank offers financial services for both personal and business customers, backed by advanced technology. The bank provides banking products and services, including mortgages, home equity loans and lines of credit, as well as commercial services.
