Subsequent events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent events

Subsequent events

In February 2012, City National Bancshares Corporation deferred the payment of its regular quarterly cash dividend of $117,987 on its Series G fixed-rate cumulative perpetual preferred stock issued to the U.S. Treasury in connection with the Corporation’s participation in the Treasury’s TARP Capital Purchase Program.

In addition, the Corporation deferred its regularly scheduled quarterly interest payment of $31,751 on its junior subordinated debentures issued by the City National Bank of New Jersey Capital Statutory Trust II.

The Series G preferred stock and the junior subordinated debentures issued in favor of the Trust provide for cumulative dividends and interest, respectively. Accordingly, the Corporation may not pay dividends on any of its common or preferred stock until the dividends on Series G preferred stock and the interest on such debentures are paid-up currently. Accordingly, dividends on the remaining series of preferred stock that were payable in February 2012 were not paid.