Parke Bancorp (PKBK) Raises Quarterly Dividend 16.7% to $0.14, 2.7% Yield; Announces 11 for 10 Share Split

Parke Bancorp (NASDAQ: PKBK) declared a quarterly dividend of $0.14 per share, or $0.56 annualized. This is a 16.7% increase from the prior dividend of $0.12.

The dividend will be payable on May 18, 2018, to stockholders of record on May 5, 2018, with an ex-dividend date of May 3, 2018.

The annual yield on the dividend is 2.7 percent.

Vito S. Pantilione, President and Chief Executive Officer of Parke Bancorp and Parke Bank, provided the following statement:

"Our Board of Directors is strongly committed to enhancing shareholder value in our Company. We are pleased to declare an 11 for 10 stock split, to effectuate a 10% stock dividend, as another method to increase shareholder value in the Company. As a result of the Board's action today, the outstanding shares of the Company's common stock will increase by approximately 802,440 shares, from 8,024,402 shares outstanding to 8,826,842 shares outstanding. We are also pleased to announce that our quarterly dividend will be increased to $0.14 a share, effective with the July dividend payment. We are able to increase our dividend and declare an 11 for 10 stock split as a result of the continued profitability and financial strength of the Company."

For a dividend history and other dividend-related data on Parke Bancorp (PKBK) click here.

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