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

www.mynnb.com

EL CAJON, Calif., Sept 12, 2022 /PRNewswire/ -- Neighborhood National Bank (NNB) announced today that the Office of the Comptroller of the Currency (OCC) has terminated the Consent Order in place since March 24, 2016 related to deficiencies in NNB's Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program.

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.

Information contained herein may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Bank's ability to be approved and open in the future. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. The Bank undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

For Further Information Contact:

Scott R. Andrews                                                                                            
President & CEO, Neighborhood National Bank
[email protected]
619-789-4423

SOURCE Neighborhood National Bank

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