PARKE BANCORP, INC. ANNOUNCES STOCK REPURCHASE PLAN
Parke Bancorp (NASDAQ: PKBK) has announced a stock repurchase plan approved by its Board of Directors.
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Rhea-AI Summary
Parke Bancorp (NASDAQ: PKBK) has announced a stock repurchase plan approved by its Board of Directors. The plan allows for the repurchase of up to 5% of the company's common stock over the next 12 months, unless completed sooner or extended. Open market purchases will be conducted in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, subject to SEC regulations and specific constraints.
President and CEO Vito S. Pantilione stated that the repurchase program is an integral part of the company's capital management strategy, emphasizing that at current prices, the stock is considered an attractive investment for the company. The repurchase is expected to enhance shareholder value.
Positive
- Board approval for repurchase of up to 5% of common stock
- Potential enhancement of shareholder value through stock repurchase
- Management views current stock price as attractive for company investment
Negative
- Potential reduction in cash reserves due to stock repurchase
Details
News Market Reaction – PKBK
The recorded move for PKBK in the trading session of this news was -0.83%.
Data tracked by StockTitan Argus. Session date unavailable.
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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,
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.
View original content:https://www.prnewswire.com/news-releases/parke-bancorp-inc-announces-stock-repurchase-plan-302213421.html
SOURCE Parke Bancorp, Inc.
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