Parke Bank enters agreement with regulators
Parke Bank, of Sewell, said it reached agreements with federal and state regulators that require it to clean up its balance sheet by eliminating assets from its books that have already been classified as a loss, among other measures. The bank entered into the consent orders with the Federal Deposit Insurance Corp. and the New Jersey Department of Banking and Insurance after a recent regulatory examination. Parke had net loans of $605.79 million on Dec. 31 and reported net income of $7.27 million for the year.
Parke Bank, of Sewell, said it reached agreements with federal and state regulators that require it to clean up its balance sheet by eliminating assets from its books that have already been classified as a loss, among other measures.
The bank entered into the consent orders with the Federal Deposit Insurance Corp. and the New Jersey Department of Banking and Insurance after a recent regulatory examination. Parke had net loans of $605.79 million on Dec. 31 and reported net income of $7.27 million for the year.
In early trading, shares in Parke Bancorp Inc., the parent of Parke Bank, were off 25 cents, or 3.5 percent, to $6.95, on the Nasdaq. Vito S. Pantilone, Parke's president and chief executive, did not respond immediately to a request for comment.
- Harold Brubaker