NEWARK, N.J. - Newark-based City National Bank is among seven New Jersey banks that have invested nearly $500,000 in New Community Development Loan Corp., the first community-based multibank investment corporation in New Jersey.

Established by New Community Corp., a Newark-based community development organization, New Community Development will offer community-based financing to small businesses that in turn will create jobs in the Newark area.

The other banks making investments are: First Fidelity Bank, Newark; National Westminster Bank, Jersey City; United Jersey Bank, Princeton; Chemical Bank New Jersey, East Brunswick; and Ramapo Bank and Valley National Bank, both of which are based in Wayne.

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