ELKINS PARK, Pa.--(EON: Enhanced Online News)--On October 24, 2013, the Board of Directors of Noah Bank declared a 10% stock dividend payable on January 31, 2014 to shareholders of record on December 31, 2013. Edward E. Shin, CEO of Noah Bank stated, “Noah Bank continues to successfully execute its strategic plan of meeting the banking needs of the small business market. 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 small business market. As a result, we have grown the size of the bank and increased profits in excess of expectations.”
As of September 30, 2013, Noah Bank had assets of approximately $252 million, deposits of approximately $226 million and loans of approximately $205 million.
“This is our third 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 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. 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 28, 2013, copies of which are available upon request from Michael R. Reinhard, whose contact information is set forth below.