The New Jersey-based New York National Bank has announced it is going private, with a valuation of $9.1 billion.
The New York Times reported on Thursday that the bank is valued at $9 billion, and is the largest private bank in the United States, accounting for more than 80 percent of the U.S. economy.
The bank was founded in 1916, when New York was a colony of England, and it operates in New York, New Jersey, Pennsylvania and Delaware.
The news comes just a day after the New York Stock Exchange approved a proposal by the New Jersey legislature to sell its stake in the bank.
The bank was formed in 1916 as an insurance company and is one of the oldest and largest banks in the country.
The stock exchange announced on Thursday the bank will be sold in a public offering, which will happen by the end of the year.
New York State has the ability to purchase the bank, which could bring the price of the company to between $5.25 billion and $6.75 billion.
The price would represent a $10 billion valuation, according to Bloomberg.
The company was formed with a mission to provide insurance for New Yorkers, according the company website.
“We believe that a private bank will allow us to serve more New Yorkers and better protect them from financial loss and fraud,” the company said in a statement.
“It is important to us that our employees are protected, and we have a dedicated team of lawyers and investment bankers that will do everything in their power to protect our customers’ interests.”
The bank has been a big success story in New Jersey.
In 2015, the state approved a $2 billion plan to purchase a chunk of the bank’s assets and lease it for an undisclosed sum.
In 2017, the company paid $8.4 billion for a 50 percent stake in U.K.-based investment bank RBS.