Aug. 2 at 8:22 PM
$PKBK Parke Bancorp board approves plan to repurchase up to 5% of common stock
Parke Bancorp announced its Board of Directors approved a plan to repurchase up to 5% of the Company's common stock during the next twelve months, unless completed sooner or otherwise extended. Open market purchases are intended to be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities Exchange Act of 1934.
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."
