PARKE BANCORP, INC. ANNOUNCES STOCK REPURCHASE PLAN
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.
Parke Bancorp (NASDAQ: PKBK) ha annunciato un piano di riacquisto di azioni approvato dal Consiglio di Amministrazione. Il piano consente il riacquisto fino al 5% delle azioni ordinarie della società nei prossimi 12 mesi, salvo completamento anticipato o proroga. Gli acquisti sul mercato aperto saranno effettuati in conformità con la Regola 10b-18 del Securities Exchange Act del 1934, soggetti alle normative della SEC e a vincoli specifici.
Il Presidente e CEO Vito S. Pantilione ha dichiarato che il programma di riacquisto è parte integrante della strategia di gestione del capitale della società, sottolineando che ai prezzi attuali, le azioni sono considerate un investimento allettante per l’azienda. Si prevede che il riacquisto incrementerà il valore per gli azionisti.
Parke Bancorp (NASDAQ: PKBK) ha anunciado un plan de recompra de acciones aprobado por su Junta Directiva. El plan permite la recompra de hasta el 5% de las acciones ordinarias de la compañía durante los próximos 12 meses, a menos que se complete antes o se extienda. Las compras en el mercado abierto se llevarán a cabo de acuerdo con la Regla 10b-18 de la Ley de Intercambio de Valores de 1934, sujeto a las regulaciones de la SEC y a restricciones específicas.
El Presidente y CEO Vito S. Pantilione declaró que el programa de recompra es una parte integral de la estrategia de gestión de capital de la compañía, enfatizando que a los precios actuales, se considera que las acciones son una inversión atractiva para la empresa. Se espera que la recompra mejore el valor para los accionistas.
Parke Bancorp (NASDAQ: PKBK)는 이사회에서 승인된 주식 매입 계획을 발표했습니다. 이 계획은 향후 12개월 동안 회사의 보통주 5%까지 매입할 수 있도록 허용하며, 조기 완료되거나 연장되지 않는 한 유지됩니다. 공개 시장에서의 매입은 1934년 증권 거래법 제10b-18 조항에 따라 진행되며, SEC 규정 및 특정 제약 사항을 준수합니다.
회장 겸 CEO인 비토 S. 판틸리오(Vito S. Pantilione)는 주식 매입 프로그램이 회사의 자본 관리 전략의 중요한 부분이라고 언급하며, 현재 가격에서 주식이 회사에 매력적인 투자로 간주된다고 강조했습니다. 매입은 주주 가치를 증대시킬 것으로 예상됩니다.
Parke Bancorp (NASDAQ: PKBK) a annoncé un plan de rachat d'actions approuvé par son Conseil d'Administration. Le plan permet le rachat de jusqu'à 5 % des actions ordinaires de l'entreprise au cours des 12 prochains mois, sauf s'il est complété plus tôt ou prolongé. Les achats sur le marché ouvert seront effectués conformément à la règle 10b-18 de la loi sur les échanges de titres de 1934, sous réserve des réglementations de la SEC et de contraintes spécifiques.
Le Président et CEO Vito S. Pantilione a déclaré que le programme de rachat faisait partie intégrante de la stratégie de gestion du capital de l'entreprise, soulignant qu'à des prix actuels, l'action est considérée comme un investissement attrayant pour l'entreprise. Le rachat devrait accroître la valeur pour les actionnaires.
Parke Bancorp (NASDAQ: PKBK) hat einen von seinem Vorstand genehmigten Aktienrückkaufplan angekündigt. Der Plan erlaubt den Rückkauf von bis zu 5% der Stammaktien des Unternehmens in den nächsten 12 Monaten, es sei denn, er wird früher abgeschlossen oder verlängert. Käufe auf dem offenen Markt werden gemäß der Regel 10b-18 des Securities Exchange Act von 1934 durchgeführt und unterliegen den SEC-Vorschriften sowie spezifischen Einschränkungen.
Präsident und CEO Vito S. Pantilione erklärte, dass das Rückkaufprogramm ein integraler Bestandteil der Kapitalmanagementstrategie des Unternehmens sei, und betonte, dass die Aktien zum aktuellen Preis als attraktive Investition für das Unternehmen gelten. Es wird erwartet, dass der Rückkauf den Wert für die Aktionäre steigert.
- 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
- Potential reduction in cash reserves due to stock repurchase
Insights
Parke Bancorp's announcement of a 5% stock repurchase plan is a strategic move that could potentially benefit shareholders. Here's why:
- At current prices, management views the stock as undervalued, indicating confidence in the company's future prospects.
- Repurchasing shares can increase earnings per share (EPS) by reducing the number of outstanding shares.
- It may provide support for the stock price in the short term.
However, investors should consider:
- The impact on the company's cash reserves and potential opportunity costs.
- Whether this capital allocation strategy is the best use of funds compared to other options like dividends or reinvestment in growth initiatives.
Overall, this move suggests management's commitment to enhancing shareholder value, but its long-term impact will depend on execution and market conditions.
The stock repurchase plan by Parke Bancorp reflects broader trends in the banking sector:
- Many banks are implementing buybacks as a capital management strategy, especially when they perceive their stock as undervalued.
- This move could be seen as a defensive strategy in a challenging economic environment, potentially signaling growth opportunities in their core business.
- The 12-month timeframe provides flexibility, allowing the company to adjust based on market conditions and operational needs.
Investors should monitor:
- The pace and timing of repurchases, as it may indicate management's view on stock valuation.
- Any changes in the company's financial metrics, particularly capital ratios and liquidity positions.
- Competitor actions, as this move could influence industry-wide capital allocation strategies.
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.
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SOURCE Parke Bancorp, Inc.
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