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Parke Bank Completes Formation of Bank Holding Company

Parke Bank is now a wholly owned subsidiary of the newly formed Parke Bancorp.Washington Township”s Parke Bancorp Tuesday announced the completion of the formation of a bank holding company.

Parke Bank is now a wholly owned subsidiary of Parke Bancorp, a newly formed New Jersey corporation. Formation of the bank holding company was approved by the company”s shareholders at the annual shareholders” meeting held on May 10.

Each issued and outstanding share of common stock and warrant of Parke Bank was automatically converted into one share of common stock of Parke Bancorp.

Parke Bancorp”s common stock is listed on the Nasdaq stock market under the symbol “PKBK,” the same as that of Parke Bank.

At the close of trading, Parke Bancorp shares were unchanged at $15.77.