WASHINGTON TOWNSHIP, N.J., Aug. 2, 2024
/PRNewswire/ -- Parke Bancorp, Inc. (the "Company") (NASDAQ:
PKBK) today announced its Board of Directors approved a plan to
repurchase up to 5% of the Company's common stock during the next
twelve months, unless completed sooner or otherwise extended.
Open market purchases are intended to be conducted in accordance
with the limitations set forth in Rule 10b-18 of the Securities Exchange Act of
1934.
Repurchases are subject to SEC regulations as well as certain
price, market volume and timing constraints specified in the
plan.
Vito S. Pantilione, President and
Chief Executive Officer of Parke Bancorp and Parke Bank, provided the following
statement:
"The stock repurchase program is an integral element of the
Company's capital management strategies. As such, we believe that
at current prices the Company's stock is a very attractive
investment for the Company, and that repurchasing its common stock
would enhance shareholder value."
Parke Bancorp, Inc. was incorporated in January 2005, while Parke
Bank commenced operations in January
1999. Parke Bancorp and Parke
Bank maintain their principal offices at 601 Delsea Drive,
Washington Township, New Jersey.
Parke Bank conducts business through
a branch office in Northfield, New
Jersey, two branch offices in Washington Township, New Jersey, a branch
office in Galloway Township, New
Jersey, a branch office in Collingswood, New Jersey, a branch in center
city Philadelphia and a branch in
Chinatown in Philadelphia.
Parke Bank is a full service
commercial bank, with an emphasis on providing personal and
business financial services to individuals and small-sized
businesses primarily in Gloucester, Atlantic and Cape
May counties in New Jersey
and Philadelphia and surrounding
counties in Pennsylvania.
Parke Bank's deposits are insured up
to the maximum legal amount by the Federal Deposit Insurance
Corporation (FDIC). Parke Bancorp's common stock is traded on the
NASDAQ Capital Market under the symbol "PKBK".
This release may contain forward-looking statements. Such
forward-looking statements are subject to risks and uncertainties
which may cause actual results to differ materially from those
currently anticipated due to a number of factors; our ability to
maintain a strong capital base; our ability to continue to pay a
dividend in the future; our ability to enhance shareholder value in
the future; our earnings and shareholders' equity; and the
possibility of additional corrective actions or limitations on the
operations of Parke Bancorp and Parke
Bank being imposed by banking regulators, therefore, readers
should not place undue reliance on any forward-looking statements.
Parke Bancorp, Inc. does not undertake, and specifically disclaims,
any obligations to publicly release the results of any revisions
that may be made to any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances
after the date of such circumstance.
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SOURCE Parke Bancorp, Inc.