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Parke Bancorp, Inc. Announces Completion Of $30 Million Subordinated Notes Offering
WASHINGTON TOWNSHIP, N.J., July 15, 2020 /PRNewswire/ -- Parke Bancorp, Inc. (the "Company") (NASDAQ: PKBK), the holding company for Parke Bank, announced
About this update from Parke Bancorp, Inc.
[{"type":"text","content":"WASHINGTON TOWNSHIP, N.J., July 15, 2020 /PRNewswire/ -- Parke Bancorp, Inc. (the \"Company\") (NASDAQ: PKBK), the holding company for Parke Bank, announced today the completion of a private placement of $30 million in ten-year, fixed-to-floating rate subordinated notes due 2030 (the \"Notes\") to certain qualified institutional buyers and accredited investors. The Notes will initially bear interest at a fixed annual rate of 6.50%, for five years and will reset quarterly thereafter to the then current three-month SOFR plus 644 basis points. The Company may redeem the Notes on or after July 15, 2025, or at any time upon certain other specified events. The Notes have been structured to qualify initially as Tier 2 capital for the Company for regulatory capital purposes. The Company intends to use the net proceeds of the offering for general corporate purposes. \n\"We are pleased to announce the successful completion of our offering of the Notes on favorable terms. This capital raise will allow us to take advantage of opportunities in our market area on behalf of our customers and our shareholders, and provides us with additional flexibility without diluting our current shareholders,\" said Vito S. Pantilione, President and Chief Executive Officer of the Company.\nPiper Sandler served as sole placement agent for the offering. Jones Walker LLP, Washington, D.C., served as legal counsel to Parke Bancorp, Inc. and Kilpatrick Townsend & Stockton LLP served as legal counsel to Piper Sandler.\nThis press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, any security, nor shall there by any sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold absent registration or an applicable exemption from the registration requirements. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.\nAbout Parke Bancorp, Inc.\nParke Bancorp, Inc. was incorporated in January 2005, while Parke Bank commenced operations in January 1999. Parke Bancorp and ...