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WASHINGTON TOWNSHIP, NJ – Parke Bancorp , Inc. (NASDAQ:PKBK), a commercial bank headquartered in New Jersey with a market capitalization of $228 million, disclosed the outcomes of its annual shareholder meeting in a recent SEC filing. The bank, which maintains a healthy 3.8% dividend yield and has shown strong momentum with a 10.5% gain over the past week according to InvestingPro, held its meeting to vote on the election of directors and the ratification of the independent auditor for the upcoming fiscal year.
At the meeting held on Monday, three director nominees were elected to serve three-year terms. Fred G. Choate received 4,527,449 votes in favor and 2,060,434 withheld, with 2,911,688 broker non-votes. Jeffrey H. Kripitz had a stronger showing, with 6,366,010 votes in favor and only 221,873 withheld, alongside the same number of broker non-votes. Jack C. Sheppard, Jr. also secured his position with 6,120,259 votes for and 467,624 withheld.
Additionally, the appointment of S.R. Snodgrass, P.C. as the independent auditor for the fiscal year ending December 31, 2025, was ratified with overwhelming support from the shareholders. The proposal received 9,471,244 votes for, 19,448 against, and 8,879 abstentions. InvestingPro analysis reveals the bank maintains a strong financial health score of "GOOD," supported by its consistent 12-year track record of dividend payments.
Parke Bancorp’s SEC filing on Wednesday confirmed these voting results, ensuring transparency with its shareholders and the public. The election of directors and the ratification of the auditor are routine governance matters for publicly traded companies, reflecting shareholder engagement in the corporate oversight process.
The annual meeting is a key event for Parke Bancorp, allowing shareholders to voice their opinions on the governance of the company. The results of the meeting are based on the information provided in the company’s SEC Form 8-K filing.
In other recent news, Parke Bancorp, Inc. announced a cash dividend of $0.18 per share, payable on April 18, 2025, to shareholders of record as of April 4, 2025. The company has expressed its intent to continue offering quarterly dividends, though it noted that future payments could be subject to change based on financial health and regulatory factors. In addition to this financial update, Parke Bancorp has made significant executive changes, appointing James B. Meadows as the new Chief Credit Officer following the retirement of Paul E. Palmieri. Meadows’ appointment was approved by the company’s Compensation Committee and he is tasked with overseeing the bank’s credit policies and ensuring a quality loan portfolio. This leadership transition is part of Parke Bancorp’s ongoing commitment to strong governance and management. The company continues to focus on maintaining high standards of credit quality as it navigates the current financial landscape. These recent developments highlight Parke Bancorp’s efforts to maintain transparency with investors and stakeholders.
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