Parke Bancorp, Inc. Announces Cash Dividend

Rhea-AI Summary

Parke Bancorp, Inc. (NASDAQ: PKBK) announced a cash dividend of $0.16 per share, payable on February 16, 2021, to stockholders of record by the close of business on February 1, 2021. The company aims to maintain quarterly dividends, contingent on its financial health and regulatory constraints. Founded in 2005, Parke Bancorp operates Parke Bank, primarily serving New Jersey and Philadelphia. The Board emphasized that future dividends could be reduced or eliminated based on various economic factors.

Positive

• Quarterly cash dividend of $0.16 enhances shareholder returns.
• Demonstrates confidence in financial stability despite potential risks.

Negative

• Future dividends may be reduced or eliminated due to financial conditions.
• Potential risks include the impact of COVID-19 on earnings and capital.

WASHINGTON TOWNSHIP, N.J., Jan. 20, 2021 /PRNewswire/ -- Parke Bancorp, Inc. (the "Company") (NASDAQ: PKBK) today announced the declaration of a $0.16 per share cash dividend payable on February 16, 2021, to its stockholders of record as of the close of business on February 1, 2021.

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, strong earning and strict cost controls; our ability to generate strong revenues with increased interest income and net interest income; our ability to ensure our Company and our loan loss provision is well positioned for the future as the COVID-19 pandemic continues; our ability to continue to pay a dividend in the future; our ability to enhance shareholder value in the future; our ability to continue growing our Company, our earnings and shareholders' equity; and our ability to continue to grow our loan portfolio; 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:http://www.prnewswire.com/news-releases/parke-bancorp-inc-announces-cash-dividend-301211943.html

SOURCE Parke Bancorp, Inc.

FAQ

What is the dividend amount declared by Parke Bancorp (PKBK)?

Parke Bancorp declared a cash dividend of $0.16 per share.

When will the dividend be paid by Parke Bancorp (PKBK)?

The dividend will be payable on February 16, 2021.

Who is eligible for the dividend from Parke Bancorp (PKBK)?

Stockholders of record as of the close of business on February 1, 2021, are eligible.

How often does Parke Bancorp (PKBK) pay dividends?

The company aims to pay dividends on a quarterly basis, subject to Board approval.

Are the dividends from Parke Bancorp (PKBK) sustainable?

Future dividends may be reduced or eliminated based on the company's financial conditions.