Parke Bancorp, Inc. Declares Cash Dividend
WASHINGTON TOWNSHIP, N.J., June 24, 2014
WASHINGTON TOWNSHIP, N.J., June 24, 2014 /PRNewswire/ --Parke Bancorp, Inc.
(the "Company") (NASDAQ: PKBK) today announced the declaration of a $0.05 per
share cash dividend payable on July 31, 2014, to its stockholders of record as
of the close of business on July 15, 2014. "Our Board of Directors is
strongly committed to enhancing shareholder value in our Company. We are able
to pay this dividend as a result of the continued profitability of the
Company," remarked Vito S. Pantilione, President and Chief Executive Officer,
of the Company.
The Board anticipates paying cash dividends on aquarterlybasis, subject to
determination and declaration by the Board of Directors, which will take into
account a number of factors, including the financial condition of the Company
and the Bank, and any applicable legal and regulatory restrictions on the
payment of dividends by the Company. If paid, such dividends may be reduced
or eliminated in future periods.
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 and a branch in center city 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 including but not limited to whether the economy continues to
stabilize and our ability to expand our lending opportunities and further
reduce our NPAs or to originate new loans and, 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.
SOURCE Parke Bancorp, Inc.
Contact: Vito S. Pantilione, President and CEO, John F. Hawkins, Senior Vice
President and CFO, (856) 256-2500
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