Parke Bancorp, Inc., incorporated on January 1, 2005, is a bank holding company of Parke Bank (the Bank). The Bank is a commercial bank. The Bank is a full service bank, with focus on providing personal and business financial services to individuals and small to mid-sized businesses in Gloucester, Atlantic and Cape May Counties in New Jersey and the Philadelphia area in Pennsylvania. The Bank focuses its commercial loan originations on small and mid-sized businesses. The Bank's commercial loan products include residential and commercial real estate construction loans; working capital loans and lines of credit; demand, term and time loans, and equipment, inventory and accounts receivable financing. Residential construction loans in tract development are also included in the commercial loan category. The Bank also offers a range of deposit products to its commercial customers. The Bank's retail banking activities focus on consumer deposit and checking accounts. In addition to the traditional products and services, the Bank offers contemporary products and services, such as debit cards, Internet banking and online bill payment. The Bank's retail lending activities include residential mortgage loans, home equity lines of credit, fixed rate second mortgages, new and used auto loans and overdraft protection.
Lending Activities
The Bank originates secured loans for business purposes. The Bank originates construction loans to individuals and real estate developers in its market area. The Bank provides interim real estate acquisition development and construction loans to builders and developers. The Bank also originates loans to individuals for construction of single family dwellings, which are secured by the property under construction. The Bank originates mortgage loans secured by commercial real estate, which are primarily secured by office buildings, retail buildings, warehouses and general purpose business space. The Bank originates adjustable and fixed-rate residential mortgage loans. It offers a range of consumer loans, which are secured by residential real estate or personal property, including automobiles. The Bank's total loans amount to approximately $758.50 million.
Investment Activities
The Bank classifies its portfolio of investment securities as available for sale, which are municipal bonds, and as held to maturity. The Bank's securities available for sale include the United States Government-sponsored entities, corporate debt obligations, residential mortgage-backed securities, collateralized mortgage obligations and collateralized debt obligations. The Bank's securities held to maturity include state and political subdivisions. The Bank's total investment securities amount to approximately $222 million.
Sources of Funds
Deposits are the external source of the Bank's funds for lending and other investment purposes. In addition to deposits, the Bank derives funds from the amortization, prepayment or sale of loans, maturities of investment securities and operations. The Bank offers individuals and businesses a range of accounts, including checking, savings, money market accounts, individual retirement accounts and certificates of deposit. The Bank's total deposits amount to approximately $659.69 million. The Bank's borrowings consist of subordinated debt and advances from the Federal Home Loan Bank (FHLB) and other parties.
601 Delsea Dr
The company trades on NASDAQ exchange. The company headquarter is located in New Jersey, NJ. The company was established in the 1999.| Ticker | PKBK |
| Long Name | Parke Bancorp, Inc. |
| Short Name | Parke Bancorp |