ELKINS PARK, Pa.--()--On July 26, 2012, the Board of Directors of Noah Bank declared a 5% stock dividend payable on September 14, 2012 to shareholders of record on August 31, 2012. Edward E. Shin, President and CEO of Noah Bank stated, “Noah Bank continues to successfully execute its strategic plan of meeting the banking needs of the primarily Korean-American markets that it serves. As a result, we have grown the size of the bank and increased profits in excess of expectations.”
“Noah Bank continues to successfully execute its strategic plan of meeting the banking needs of the primarily Korean-American markets that it serves. As a result, we have grown the size of the bank and increased profits in excess of expectations.”
As of June 30, 2012, Noah Bank had assets of approximately $191 million, deposits of approximately $175 million, and loans of approximately $116 million (net of its loan loss allowance).
“This is our second straight year for a stock dividend,” said Young Man Kim, Chairman of the Board of Directors. “It is a sign that our Board has confidence in Noah Bank’s continuing strong performance.”
About Noah Bank
Headquartered in Elkins Park, PA, Noah Bank, (formerly Royal Asian 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 of Southeastern Pennsylvania, Northern New Jersey, and Flushing, NY. More information on Noah Bank is available at www.noahbank.com.
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to a number of uncertainties, and actual results could differ materially; therefore, readers should not place undue reliance on any forward-looking statements. Noah Bank does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. For a discussion of the factors that could cause actual results to differ from the results discussed in any such forward-looking statements, see the section captioned “A Warning About Forward-Looking Statements” contained in Noah Bank’s Confidential Private Placement Memorandum dated June 1, 2012, copies of which are available upon request from Michael R. Reinhard, whose contact information is set forth below.