ELKINS PARK, Pa., June 29, 2017 /PRNewswire/ -- On June 26, 2017, Noah Bank announced that Edwin H. Lloyd, who was elected as a director of the Bank at the Bank's 2017 annual meeting of shareholders, has been appointed as Chairman of the Audit Committee of the Board of Directors.
Mr. Lloyd, as a former senior banking regulator and bank executive officer, has extensive managerial experience in supervising individuals and financial institutions. He also addressed major regulatory issues in numerous financial institutions during his 30+ year career with the FDIC.
Chairman Young Man Kim stated "Noah Bank is fortunate to have someone of Mr. Lloyd's experience and capabilities on the Board. We expect that he will add value as Chairman of the Board Audit Committee."
As of March 31, 2017, Noah Bank had assets of approximately $329 million, deposits of approximately $278 million, and loans of approximately $254 million.
About Noah Bank
With its legal headquarters in Elkins Park, PA, Noah Bank is a Pennsylvania-chartered bank that was launched in 2004. At that time, Noah was named "Royal Asian Bank, a Noah Bank", and changed its name to "Noah Bank" in 2011. Operational headquarters are in Fort Lee, New Jersey. Noah Bank provides banking products and services to businesses and consumers primarily in the Asian-American communities of Southeastern Pennsylvania, Northern New Jersey, Manhattan, New York and Flushing, New York. More information 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), any changes in SBA loan programs and our ability to comply with SBA policies and procedures, 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 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.
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SOURCE Noah Bank