It was the first time since 1992 that a state-chartered bank had been shuttered, said Ed Rogan, a spokesman for the New Jersey Department of Banking and Insurance.

Regulators shut down NJ bank for ’unsafe’ practices
By Associated Press
Tuesday, May 5, 2009

TRENTON, N.J. — A small bank in northern New Jersey has been shut down by state banking regulators, and an industry advocate says he cannot rule out future failures.

Citizens Community Bank was shuttered Friday night. Banking regulators had ordered the Bergen County bank to stop a range of "unsafe or unsound" business practices, saying it had violated several state and federal regulations.

Among other problems, the 189-year-old bank had deficient management, an "unrealistic" budget plan and poor lending policies, officials say.

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