Noah Bank provides financial products and services to communities in Pennsylvania, New Jersey, New York and the Metro DC area. In addition to serving its primarily Korean-American customer base, Noah Bank also specializes in small business financing for the Chinese-American, Indo-American, Latin-American and Jewish business communities. Noah Bank specializes in SBA lending to small businesses and has a track record of success. In the SBA fiscal year ended September 30, 2013, Noah Bank ranked first in dollars lent in the New Jersey region, second in dollars lent in the New York region, and 11th in dollars lent nationwide.
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.
Community Development Financial Institutions, or CDFIs, are utilizing all resources at their disposal to help small businesses stay afloat as the novel coronavirus spreads throughout the U.S. CDFIs serve customers typically overlooked by mainstream financial institutions. Beneficial State Bank, an FDIC-insured CDFI that provides commercial banking services to underserved communities, had received 500 phone calls a day about PPP two days before the program even launched on April 3, Interim CEO Randell Leach said. CDBA members Bank Plus, Mission Valley, NOAH Bank, Peoples Bank, and Sunrise Banks are also mentioned in the article.