Queens-Based NewBank Dubbed One of Region's Top SBA Lenders

Queens-based NewBank has been designated by the Small Business
Administration (SBA) as one of the top SBA lenders in the New York
District and today was given the agency's Gold Award for the number and
volume of loans provided to small businesses in the District.

NewBank, with just $124 million in assets, made more than $19 million in
loans during fiscal 2009 putting its SBA small business loan production
ahead of every money center bank in New York City.

The bank opened in September, 2006, with its main branch in Flushing New
York in the heart of the Korean community. Because of NewBank's heritage
and location, it has focused on the banking needs of first generation
immigrants.

Fredrick Schulman, Chairman of NewBank, as well as President of East
Coast Venture Capital, Inc., which helped to form, and is a minority
shareholder in, NewBank, noted, "We believe that our designation as a
top lender demonstrates the changing dynamics of SBA lending in the New
York City area."

Specifically, Schulman said a significant portion of small business loan
demand in New York City comes from immigrant communities because, "For
them, entrepreneurial activity is the only realistic option for
realizing the American Dream." But he says, "Knowing where the loan
demand comes from is only part of the solution. To position your
institution to make the loans that are needed, you've got to situate
yourself in the community. It's the only way that the borrowers will
develop the level of comfort needed to do business with you."

It's for this reason that NewBank, with just a fraction of the assets of
many banks in the New York District was able to generate substantially
more SBA loans.

Schulman says that because small business loan demand is frequently
coming from immigrant communities, smaller, geographically focused banks
may offer the best platform for generating SBA loans. "In the wake of
the crisis in banking and financial services, small business lending has
suffered. And as small business owners are finding that their bank is no
longer making small business loans, they are looking for, and
increasingly doing business with, the bank that they are seeing everyday
in their neighborhood."

Schulman said he believes that as the economy continues to recover amid
changes in the banking industry, "Our SBA loan volume will continue to
grow and expand."

About NewBank

NewBank is a minority-owned, New York chartered community commercial
bank with offices in Flushing, NY and Ft. Lee, NJ, and offers a full
menu of personal and business banking services.

About East Coast Venture Capital, Inc.

East Coast Venture Capital is an SSBIC (a Specialized Small Business
Investment Company), licensed by the U.S. Small Business Administration
to make debt and equity investments in minority-owned businesses. East
Coast Venture Capital is located in New York City. For further
information contact Fredrick Schulman at 212-686-1515.

SOURCE: East Coast Venture Capital, Inc.

for East Coast Venture Capital, Inc. 
David R. Evanson, 610-505-0832 
devanson@comcast.net

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