NMB Financial Corporation/New Millennium Bank Announces Proposal to Acquire Noah Bank
NMB Financial Corporation, a bank holding company and parent of New Millennium Bank, announced that a Letter of Intent has been sent to the Board of Directors of Noah Bank, Elkins Park, Pennsylvania related to a cash acquisition of Noah. The Letter of Intent provides for the cash acquisition of all outstanding shares of Noah at 100% of Noah's tangible common equity as of March 31, 2022, less any transaction expenses over $2 million. NMB is on its way to receive $75.1 million investment through the US Department of Treasury’s Emergency Capital Investment Program (ECIP). NMB is one of 186 community development financial institutions (CDFI) and minority depository institutions (MDI) that are eligible to receive $8.7 billion in capital through the ECIP.