City National Bancshares completed its $20 million recapitalization of City National Bank of New Jersey. City National said the recapitalization is a crucial step in the turnaround of the bank, which experienced difficulties during the economic downturn of 2008, which was especially devastating for African American communities and the banks that serve them.

Skopos Impact Fund and The Prudential Insurance Company of America, a subsidiary of Prudential Financial, are key investors in the recapitalization. Other significant investors in the transaction include: New United; East Coast Capital Holdings and Industrial Bank, a subsidiary of IBW Financial.

“For more than four decades, City National Bank has worked to revitalize urban areas,” said Preston D. Pinkett III, chairman and CEO of CNB. “We are excited that a number of top-tier impact investors, have deemed our efforts worthy of support.”

In addition to the financial investors, CNB acknowledges the significant support that it has received from Sullivan & Cromwell; J.P. Morgan; and Goldman Sachs Urban Investment Group. Along with technical assistance provided by the office of the Comptroller of the Currency; the Federal Reserve Bank; the FDIC and the Department of the Treasury, this recapitalization will enable CNB to continue its role as the only regulated community development financial institution headquartered in New Jersey.

Read the full release here.