NEIGHBORHOOD NATIONAL BANK ANNOUNCES TERMINATION OF REGULATORY ENFORCEMENT ACTION & $4 MILLION IN NEW CAPITAL RAISED

CEO Scott Andrews commented that he was “extremely proud of the work done by the team at Neighborhood to bring the Bank’s BSA/AML program into full compliance.” Mr. Andrews continued, stating “while working to repair the Bank’s compliance program during the early stages of the pandemic, Neighborhood provided nearly $80 million in PPP loans at an average loan size of less than $100,000 continuing our commitment to serving small businesses most severely impacted during the pandemic. Today, we are growing our customer base and serving clients throughout San Diego County and southern California with state of the art treasury management and digital banking products, an experienced SBA Lending team, and we continue to enjoy strong support from our shareholder base, adding over $4 million in new capital to our parent company, Neighborhood Bancorp, in the first six months of 2022.”

Chairman Stephen Taylor noted that “achieving a satisfactory BSA/AML compliance program leading to termination of the Consent Order has been the primary objective of the Board and I am grateful to the Neighborhood board members for their hard work and dedication to achieving this goal.” Mr. Taylor continued, stating “he looks forward to working with CEO Scott Andrews and the entire management team on the next phase of Neighborhood’s long history of serving small-to-medium sized businesses in San Diego County and achieving sustained growth and profitability in the years ahead.”

Neighborhood National Bank, the first nationally chartered Community Development Financial Institution, is a full-service, business-focused community bank providing financial services to small-to-medium sized businesses, professionals, non-profit organizations, investors and individuals throughout San Diego County, focusing on low-to-moderate income communities and underserved markets in South and East San Diego County. The Bank operates a full-service branch in El Cajon. Additional information may be found at the Bank’s website at www.mynnb.com.

April 20, 2021

At Neighborhood National Bank, we are proud of our efforts to assist small businesses during these unprecedented times.  Over the course of the past year, we funded 750 PPP first and second draw loans totaling over $75 million.  As a small bank, we kept our focus on helping smaller businesses, with our average loan amount just under $100,000, our smallest loan being just over $2,000!  From restaurants to manufacturers to service companies to non-profit organizations to self-employed individuals, we have been able to provide needed funds to keep thousands of people employed, and businesses open.  The team at NNB has worked tirelessly to not only get these loans funded, but we have also received forgiveness for our customers on 61% of our First Draw loans, well above the industry average.

If you are looking for a business and community-focused community bank to help your business grow and succeed, we are here, ready to help.

Please contact SBA Manager Tom Welch at twelch@mynnb.com or (619) 789-4440, or SVP Nora Seiba at nseiba@mynnb.com or (619)789-4211.

 Scott R. Andrews

President & Chief Executive Officer

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