By Wendy Van Sickle
Columbus, Ohio, July 15 – Parke Bancorp, Inc. said it completed a $30 million private placement of 6.5% 10-year fixed-to-floating-rate subordinated notes on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.
After five years, the interest rate will reset quarterly to SOFR plus 664 basis points.
Proceeds will be used for general corporate purposes.
The bank holding company is based in Sewell, N.J.
| Issuer: | Parke Bancorp, Inc.
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| Issue: | Fixed-to-floating-rate subordinated notes
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| Amount: | $30 million
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| Maturity: | July 15, 2030
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| Coupon: | 6.5% for first five years, then SOFR plus 664 bps
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| Settlement date: | July 15
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