PARKE BANCORP, INC. ANNOUNCES CASH DIVIDEND

Rhea-AI Summary

Parke Bancorp, Inc. (NASDAQ: PKBK) announced a $0.18 cash dividend per share, payable on April 24, 2023, to stockholders of record by the close of business on April 10, 2023. This dividend represents the company’s ongoing commitment to return value to shareholders and reflects the financial condition of the company. The Board plans to review dividend payments quarterly, considering financial stability and regulatory factors. However, future dividends may face reductions or eliminations depending on these assessments.

Positive

• Declared a quarterly cash dividend of $0.18 per share.
• Strong commitment to shareholder returns.
• Plans for ongoing dividend payments support investor confidence.

Negative

• Future dividends may be reduced or eliminated based on financial assessments.

WASHINGTON TOWNSHIP, N.J., March 28, 2023 /PRNewswire/ -- Parke Bancorp, Inc. (the "Company") (NASDAQ: PKBK) today announced the declaration of a $0.18 per share cash dividend, payable on April 24, 2023, to its stockholders of record as of the close of business on April 10, 2023.

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

What is the dividend amount for Parke Bancorp, Inc. (PKBK)?

The dividend amount is $0.18 per share.

When is the dividend for PKBK payable?

The dividend is payable on April 24, 2023.

What is the record date for the PKBK dividend?

The record date is April 10, 2023.

Will Parke Bancorp continue to pay dividends in the future?

Dividends will depend on the Board's assessment of financial conditions and may be reduced or eliminated.