Parke Bancorp to Acquire First National Bank of Elmer
Ticker: PKBK · Form: 8-K · Filed: Aug 2, 2024 · CIK: 1315399
Sentiment: neutral
Topics: acquisition, merger, banking
Related Tickers: PKBK
TL;DR
Parke Bancorp buying First National Bank of Elmer, deal expected Q4 2024.
AI Summary
Parke Bancorp, Inc. announced on August 2, 2024, that it has entered into a definitive agreement to acquire substantially all of the assets and assume certain liabilities of The First National Bank of Elmer. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and customary closing conditions. This acquisition will expand Parke Bancorp's branch network and customer base.
Why It Matters
This acquisition will allow Parke Bancorp to expand its geographic reach and customer base within New Jersey, potentially leading to increased market share and profitability.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory hurdles, and potential impacts on financial performance.
Key Players & Entities
- Parke Bancorp, Inc. (company) — Acquiring entity
- The First National Bank of Elmer (company) — Target entity
- August 2, 2024 (date) — Announcement date
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing announces that Parke Bancorp, Inc. has entered into a definitive agreement to acquire substantially all of the assets and assume certain liabilities of The First National Bank of Elmer.
When is the acquisition of The First National Bank of Elmer expected to close?
The acquisition is expected to close in the fourth quarter of 2024, subject to regulatory approvals and customary closing conditions.
What are the key benefits Parke Bancorp expects from this acquisition?
Parke Bancorp expects the acquisition to expand its branch network and customer base.
Are there any specific financial terms disclosed in this filing regarding the acquisition?
This filing does not disclose specific financial terms of the acquisition; it focuses on the agreement to acquire assets and assume liabilities.
What are the conditions for the closing of the acquisition?
The closing of the acquisition is subject to regulatory approvals and customary closing conditions.
Filing Stats: 521 words · 2 min read · ~2 pages · Grade level 11.2 · Accepted 2024-08-02 16:17:51
Key Financial Figures
- $0.10 — ich Registered Common Stock, Par Value $0.10 per share PKBK The Nasdaq Stock Market,
Filing Documents
- pkbk-20240802.htm (8-K) — 33KB
- ex99-stockrepurchaseaugust.htm (EX-99) — 8KB
- 0001315399-24-000060.txt ( ) — 164KB
- pkbk-20240802.xsd (EX-101.SCH) — 2KB
- pkbk-20240802_lab.xml (EX-101.LAB) — 21KB
- pkbk-20240802_pre.xml (EX-101.PRE) — 12KB
- pkbk-20240802_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On August 2, 2024, the Registrant announced that the Board of Directors had adopted a stock repurchase program pursuant to which up to 5% of the Company's common stock may be repurchased during the next twelve months, unless completed sooner or otherwise extended. Open market purchases are intended to be conducted in accordance with applicable Securities and Exchange Commission regulations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. A copy of the press release dated August 2, 2024 announcing the stock repurchase program is filed 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 August 2, 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: August 2, 2024 By /s/ Jonathan D. Hill Jonathan D. Hill Senior Vice President and Chief Financial Officer (Duly Authorized Representative)