PARKE BANCORP, INC. ANNOUNCES CASH DIVIDEND

Rhea-AI Summary

Parke Bancorp (NASDAQ: PKBK) has declared a $0.18 per share cash dividend, payable on October 18, 2024, to stockholders of record as of October 4, 2024. The Board anticipates paying dividends quarterly, subject to various factors and potential legal restrictions. Parke Bank, established in 1999, operates through six branch offices in New Jersey and two in Philadelphia. It focuses on providing financial services to individuals and small businesses in Gloucester, Atlantic, Cape May, and Philadelphia counties. Parke Bancorp's deposits are FDIC-insured, and its stock trades on the NASDAQ Capital Market under the symbol 'PKBK'.

Positive

• Declaration of $0.18 per share cash dividend
• Intention to continue quarterly dividend payments
• Diverse branch network across New Jersey and Philadelphia
• Focus on serving individuals and small businesses in specific counties
• FDIC-insured deposits providing security for customers

Negative

• Future dividends may be reduced or eliminated based on various factors
• Dividend payments subject to legal and regulatory restrictions

WASHINGTON TOWNSHIP, N.J., Sept. 18, 2024 /PRNewswire/ -- Parke Bancorp, Inc. (the "Company") (NASDAQ: PKBK) today announced the declaration of a $0.18 per share cash dividend, payable on October 18, 2024, to its stockholders of record as of the close of business on October 4, 2024.

The Board anticipates paying cash dividends on a quarterly basis, 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, 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.

FAQ

When will Parke Bancorp (PKBK) pay its recently announced dividend?

Parke Bancorp (PKBK) will pay the recently announced dividend of $0.18 per share on October 18, 2024.

What is the record date for Parke Bancorp's (PKBK) upcoming dividend?

The record date for Parke Bancorp's (PKBK) upcoming dividend is October 4, 2024.

How much is Parke Bancorp's (PKBK) latest dividend per share?

Parke Bancorp's (PKBK) latest dividend is $0.18 per share.

Does Parke Bancorp (PKBK) plan to pay dividends regularly?

Yes, Parke Bancorp (PKBK) anticipates paying cash dividends on a quarterly basis, subject to Board determination and various factors.

Where are Parke Bancorp's (PKBK) branch offices located?

Parke Bancorp (PKBK) has branch offices in Northfield, Washington Township, Galloway Township, and Collingswood in New Jersey, and two branches in Philadelphia, Pennsylvania.