NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--New Millennium Bank (OTCBB “NMNB.OB”) announced today that the Federal Deposit Insurance Corporation has terminated their Consent Order agreed to with the Bank on November 16, 2010. This action follows the recent recapitalization of the Bank, in which an investor group raised $16.8 million in new capital, Mr. H.S. Hur became President and Chief Executive Officer of the Bank and a new Board of Directors was installed.
Mr. Hur stated: “The lifting of the Consent Order is one more step in the Bank’s return to healthy, profitable operations. We appreciate that the FDIC and NJDOBI recognize the progress we have made. Our next step is to open a branch location in Bergen County. We are actively working on identifying and securing a site, and hope to file our regulatory applications for our first Bergen County branch soon.”
New Millennium Bank is a New Jersey chartered commercial bank based in New Brunswick, New Jersey. It maintains branches in Somerset and Franklin Township, New Jersey. As of June 30, the Bank had total assets of $182.7 million, total deposits of $147.1 million and total loans of $125.6 million.
This release contains “forward-looking statements” which are based upon certain assumptions and describe future plans, strategies and expectations of the Bank. These forward-looking statements are generally identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”, or similar expressions. The Bank’s ability to predict results or the actual impact of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Bank and its future expectations include changes in interest rates, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the United States Government, the quality and composition of the Bank’s loan and investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Bank’s market area and accounting principles and guidelines. These risks and uncertainty should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Bank does not undertake and specifically disclaims any obligation to publicly release the results of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.