Parke Bancorp Board Approves Repurchase of Up to 5% of Stock
Parke Bancorp’s board approved a share repurchase program to buy up to 5% of its outstanding common stock over the next 12 months using open-market purchases under Rule 10b-18. The timing and volume will depend on share price, regulatory requirements and market conditions.
1. Program Approval
Parke Bancorp’s Board of Directors approved a stock repurchase program authorizing open market purchases of up to 5% of its outstanding common shares during the next 12 months.
2. Execution Details
Purchases will be executed in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, with timing and volume subject to share price, corporate requirements and prevailing market conditions.
3. Strategic Rationale
The repurchase plan aims to enhance shareholder value by reducing share count and potentially boosting earnings per share, while maintaining strong capital levels.
4. Company Overview
Parke Bancorp operates through Parke Bank with multiple branches in New Jersey and Pennsylvania, focusing on personal and commercial banking services to individuals and small businesses.