New Millennium Bank Holds Annual Shareholders' Meeting

NEW BRUNSWICK, N.J., April 22 /PRNewswire-FirstCall/ -- New Millennium Bank (OTC Bulletin Board: NMNB) today announced the results of its Annual Shareholders' Meeting held on April 20, 2010 according to Chris Van Der Stad, President and CEO.  The shareholders of the Bank reelected David L. Bernstein, Aldrage B. Cooper, Jr., Bobbiann Sica-Gumbinger, Alfred J. Lattanzio, David P. Lonski, Susan Petri, Stephen S. Rose, Michael Ross, Stephen Schnitzlein, Joseph B. Schrum, T.K. Shamy, Harry F. Sica, Joan E. Sisler, Chris Van Der Stad and Bruce H. Williams to serve for a new one year term, and until their respective successors are elected and qualified.  No other matters were before the shareholders for action at the meeting.

In remarks to the shareholders, Chairman Michael Ross noted that the Board was cautiously optimistic about the economy in 2010. He noted that while unemployment remains too high, the Bank is starting to see signs of stabilization in the real estate market and the economy in general. However, he also noted that the Bank expects to see a temporary reduction in its income from its credit card program due to certain recent regulatory developments.  Certain concerns were raised by the Bank's regulators regarding its consumer disclosure and compliance program in its credit card programs.  As a result, the Bank has agreed with the FDIC that it will stop accepting or processing applications or issuing new cards through third party marketing vendors.  The Bank has also agreed to stop accepting applications, and, as of May 15, stop processing applications and issuing new cards directly by the Bank. These actions will remain in effect until the Bank has addressed the concerns raised by the regulators to their satisfaction.  Mr. Ross noted the Bank is devoting the proper time, effort and resources to this issue, and is seeking to satisfy the FDIC as quickly as possible.  However, in the event the Bank is prohibited from accepting new credit card applications for any extended period of time, the loss of credit card application fee income could have a material adverse impact on the Bank's results of operations.

About New Millennium Bank

New Millennium Bank currently has three offices to serve its customers at 57 Livingston Avenue, New Brunswick, NJ; 695 Hamilton Street, Somerset, NJ; and 464B Elizabeth Avenue, Franklin Township, NJ.   The Bank offers a full range of Internet banking services to support its retail and commercial customers.  In addition to its commercial lending department, New Millennium Bank is a Nationwide Preferred Small Business Administration (SBA) Lender, lending primarily in New Jersey, New York and Pennsylvania.  New Millennium Bank also offers secured credit cards throughout the United States to help individuals re-establish their credit. The bank is an equal housing lender and a member of the FDIC. Visit us at www.nmbonline.com.

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions.  These statements may be identified by such forward-looking terminology as "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. New Millennium Bank assumes no obligation for updating any such forward-looking statement at any time.

SOURCE New Millennium Bank