A stretch of Frelinghuysen Avenue in Newark’s South Ward will soon have a bank branch again.
Industrial Bank is planning to open a location at 550 Frelinghuysen Avenue near Haynes and Meeker Avenues. The company submitted an application to the Federal Deposit Insurance Corporation in order to proceed with the proposal, according to a branch establishment notice.
The building contained a PNC Bank location prior to becoming vacant.
Municipal tax filings list Industrial Bank as the owner of the property, which is formally known as 546-554 Frelinghuysen Avenue and already has an Industrial Bank ATM. The site can be found opposite Weequahic Park close to where the Newark Liberty International Airport PATH station is envisioned.
Industrial Bank is based in Washington, DC. and most of its locations can be found in the district or its Maryland suburbs. The company expanded to Newark just over two years after the Treasury Department’s Office of the Comptroller of the Currency shut City National Bank down.
City National Bank, which had been based in Downtown Newark’s Hahne & Co. complex, was declared a “failed bank” by the FDIC in 2019. The FDIC announced at the time that it “entered into a purchase and assumption agreement with Industrial Bank in Washington, D.C. to assume all of the deposits of City National.”