ELKINS PARK, Pa., Dec. 9, 2015 /PRNewswire/ -- On December 8, 2015, the Board of Directors of Noah Bank declared a 10% stock dividend payable on January 31, 2016 to shareholders of record on December 31, 2015. Edward E. Shin, CEO of Noah Bank stated, "We are pleased with the progress that Noah has made during the year addressing the matters contained in the Consent Order. During 2015, Noah raised new capital, improved liquidity, and improved asset quality while producing respectable profits."
As of September 30, 2015, Noah Bank had assets of approximately $309 million, deposits of approximately $255 million and loans of approximately $241 million.
Chairman of the Board Young Man Kim stated that "The Board is pleased to provide this stock dividend to our shareholders. It is a sign that our Board has confidence in Noah Bank's future performance."
About Noah Bank
Headquartered in Elkins Park, PA, Noah Bank is a Pennsylvania-chartered bank that was launched in 2004. Noah Bank provides banking products and services to businesses and consumers primarily in the Korean-American communities, as well as other ethnic communities of Southeastern Pennsylvania, Northern New Jersey, Manhattan NY, and Flushing NY. More information on Noah Bank is available at www.noahbank.com.
The foregoing material may contain forward-looking statements. Noah Bank cautions readers not to place undue reliance on these statements. Noah Bank's business and operations are subject to a variety of risks, uncertainties and other factors. Consequently, actual results and experience may materially differ from those contained in any forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: difficult conditions in the capital markets and the economy generally, regulatory requirements or other actions mandated by Noah Bank's regulators, recent and ongoing changes to the state and federal regulatory schemes under which Noah Bank and other financial services companies operate (including the Dodd-Frank Act and regulations adopted or to be adopted to implement that Act), Noah Bank's ability to comply with the Consent Orders, dated October 23, 2014, entered into with the FDIC and Pennsylvania Department of Banking and Securities, any changes in SBA loan programs and our ability to comply with SBA policies and procedures, delayed improvement in the credit quality of loans, the effect of credit risk exposure, the ability to strategically manage our capital position and to raise capital, allowance for loan losses may prove inadequate, variations in interest rates, the geographic concentration of Noah Bank's operations, declines in the value of Noah Bank's assets and the effect of any resulting impairment charges, competition for personnel and from other financial institutions, interruptions or breaches of Noah Bank's security systems, the development and maintenance of Noah Bank's information technology, potential dilution of Noah Bank's shareholders, the ability of Noah Bank and its subsidiaries to pay dividends, severe weather and natural disasters, and the nature and frequency of litigation and other similar proceedings to which Noah Bank may be a party. Noah Bank makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.
SOURCE Noah Bank