ELKINS PARK, Pa., Nov. 21, 2016 /PRNewswire/ -- Noah Bank announced today that the FDIC and the Pennsylvania Department of Banking and Securities officially terminated the Consent Orders under which the Bank has been operating since October 2014.
Young Man Kim, Chairman of the Board of Directors, commenting on this positive development, said "We are very pleased that the Bank's primary regulatory agencies have terminated the Consent Orders from October 2014. Although the Bank continues to work diligently to further improve the Bank's performance, this action acknowledges the proactive steps taken to date by the Board, management and employees of the Bank, and the Board's commitment to always strive to improve service to our customers and value to our shareholders." Edward Shin, CEO of the Bank commented, "We are proud to have appropriately addressed the regulatory concerns identified in the Consent Orders. We believe that the hard work of our Board, management and employees that resulted in our regulatory agencies terminating the Consent Orders have further strengthened the Bank and positioned us well for the future."
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, 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.
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SOURCE Noah Bank