Important Announcement from Noah Bank

ELKINS PARK, Pa., May 29, 2019 /PRNewswire/ -- Earlier today, the United States Attorney's Office issued a press release announcing the arrest of Noah Bank's CEO, Edward Shin, for allegedly taking bribes in connection with the Bank's issuance of loans and causing the Bank to issue loans to companies in which he had a secret interest.  The alleged acts took place between 2009 and 2012.

Noah Bank is neither a defendant nor a suspect in relation to any of the alleged charges.  The safety and soundness of the Bank is not at issue.  The Bank will remain open and will conduct business as usual.  The Bank's deposits are insured by the FDIC up to the maximum extent allowed. 

In accordance with the Bank's succession plan, Mr. Hyunjun An, the Bank's Chief Financial Officer, has been named acting President of the Bank.  The Bank does not expect the matters to have any material impact to its financial statements and the Bank is cooperating fully in the investigation.

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.

Forward-Looking Statements

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