Things haven't been looking to good for banks in the Newark area lately. Regulators have officially closed a third bank in the span of a week. This time it was City National Bank of New Jersey in Newark. City National was the latest in a nationwide failure and the fourth this year.

"The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe or unsound practices,"  said a regulator in a statement . "The OCC also found that the bank was undercapitalized and failed to submit a capital restoration plan acceptable to the OCC."


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