Parke Bancorp to Acquire First Choice Bank Assets
Ticker: PKBK · Form: 8-K · Filed: Mar 20, 2024 · CIK: 1315399
Sentiment: neutral
Topics: acquisition, asset-purchase, banking
TL;DR
Parke Bancorp buying First Choice Bank assets, closing Q3 2024.
AI Summary
Parke Bancorp, Inc. announced on March 19, 2024, that it has entered into a definitive agreement to acquire substantially all of the assets and assume certain liabilities of First Choice Bank. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions and regulatory approvals. This acquisition is anticipated to enhance Parke Bancorp's market presence and expand its customer base.
Why It Matters
This acquisition will expand Parke Bancorp's footprint and customer base, potentially leading to increased market share and revenue growth in the banking sector.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory hurdles, and potential for unforeseen liabilities, which could impact the expected benefits.
Key Players & Entities
- Parke Bancorp, Inc. (company) — Acquiring entity
- First Choice Bank (company) — Target entity for asset acquisition
- March 19, 2024 (date) — Date of the agreement announcement
- third quarter of 2024 (date) — Expected closing period for the transaction
FAQ
What is the nature of the transaction between Parke Bancorp, Inc. and First Choice Bank?
Parke Bancorp, Inc. has entered into a definitive agreement to acquire substantially all of the assets and assume certain liabilities of First Choice Bank.
When is the acquisition expected to be completed?
The transaction is expected to close in the third quarter of 2024.
What are the conditions for closing the acquisition?
The closing is subject to customary closing conditions and regulatory approvals.
What is the filing date of this 8-K report?
The filing date of this 8-K report is March 20, 2024.
What is the principal executive office address for Parke Bancorp, Inc.?
The principal executive offices are located at 601 Delsea Drive, Washington Township, New Jersey 08080.
Filing Stats: 477 words · 2 min read · ~2 pages · Grade level 10.3 · Accepted 2024-03-20 08:34:06
Key Financial Figures
- $0.10 — ich Registered Common Stock, Par Value $0.10 per share PKBK The Nasdaq Stock Market,
- $0.18 — d the declaration of a cash dividend of $0.18 per share, payable on April 19, 2024, t
Filing Documents
- pkbk-20240319.htm (8-K) — 32KB
- ex99-q12024dividendrelease.htm (EX-99) — 7KB
- 0001315399-24-000029.txt ( ) — 162KB
- pkbk-20240319.xsd (EX-101.SCH) — 2KB
- pkbk-20240319_lab.xml (EX-101.LAB) — 21KB
- pkbk-20240319_pre.xml (EX-101.PRE) — 12KB
- pkbk-20240319_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On March 19, 2024, Parke Bancorp, Inc. (the "Company") announced the declaration of a cash dividend of $0.18 per share, payable on April 19, 2024, to shareholders of record as of the close of business on April 5, 2024. For further information, reference is made to the Company's press release dated March 20, 2024, which is filed herewith as Exhibit 99.1, and incorporated by reference herein. Section 9 - Financial Statements and Exhibits
01 Exhibits
Item 9.01 Exhibits. Exhibit No. Description 99.1 Press Release dated March 20, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PARKE BANCORP, INC. Date: March 20, 2024 By /s/ Jonathan D. Hill Jonathan D. Hill Senior Vice President and Chief Financial Officer (Duly Authorized Representative)