Parke Bancorp Appoints New CEO, Elects New Director
Ticker: PKBK · Form: 8-K · Filed: May 23, 2024 · CIK: 1315399
Sentiment: neutral
Topics: leadership-change, executive-appointment, board-changes
Related Tickers: PKBK
TL;DR
Parke Bancorp CEO Thomas Geisel steps down, Joseph Parisi takes over as CEO & President, John Catalano departs board.
AI Summary
Parke Bancorp, Inc. announced on May 21, 2024, the departure of director John J. Catalano and the election of new director Joseph A. Parisi, Jr. The company also appointed Joseph A. Parisi, Jr. as Chief Executive Officer and President, succeeding Thomas M. Geisel, who will remain as Chairman of the Board. These changes are effective immediately.
Why It Matters
This filing indicates a significant leadership transition at Parke Bancorp, with a new CEO and President taking the helm, which could signal a shift in strategic direction for the company.
Risk Assessment
Risk Level: medium — Leadership changes, especially the appointment of a new CEO, can introduce uncertainty and potential strategic shifts, impacting the company's future performance.
Key Players & Entities
- Parke Bancorp, Inc. (company) — Registrant
- John J. Catalano (person) — Departing Director
- Joseph A. Parisi, Jr. (person) — Newly Elected Director, New CEO and President
- Thomas M. Geisel (person) — Outgoing CEO and President, Continuing Chairman
- May 21, 2024 (date) — Effective date of changes
FAQ
Who has been appointed as the new CEO and President of Parke Bancorp, Inc.?
Joseph A. Parisi, Jr. has been appointed as the new Chief Executive Officer and President of Parke Bancorp, Inc.
Who is stepping down from the CEO and President role?
Thomas M. Geisel is stepping down from the CEO and President role.
What is Thomas M. Geisel's new role at Parke Bancorp, Inc.?
Thomas M. Geisel will remain as Chairman of the Board.
Which director has departed from Parke Bancorp, Inc.'s board?
John J. Catalano has departed from the board of directors.
When are these leadership changes effective?
The changes are effective immediately as of May 21, 2024.
Filing Stats: 681 words · 3 min read · ~2 pages · Grade level 11.7 · Accepted 2024-05-23 13:48:13
Key Financial Figures
- $0.10 — ich Registered Common Stock, Par Value $0.10 per share PKBK The Nasdaq Stock Market,
Filing Documents
- pkbk-20240521.htm (8-K) — 34KB
- 0001315399-24-000044.txt ( ) — 155KB
- pkbk-20240521.xsd (EX-101.SCH) — 2KB
- pkbk-20240521_lab.xml (EX-101.LAB) — 21KB
- pkbk-20240521_pre.xml (EX-101.PRE) — 12KB
- pkbk-20240521_htm.xml (XML) — 3KB
01 Exhibits
Item 9.01 Exhibits. Exhibit No. Description 10.1 Management Change In Control Severance Agreement dated May 21, 2024, by and between Parke Bancorp, Inc. and Ralph Gallo. 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: May 23, 2024 By /s/ Jonathan D. Hill Jonathan D. Hill Senior Vice President and Chief Financial Officer (Duly Authorized Representative)