Parke Bancorp authorizes stock repurchase of up to 5% of common shares over 12 months

PARKE BANCORP, INC.

Board approved repurchase program for up to 5% of common stock within next twelve months.
Purchases will be in open market under SEC Rule 10b-18; timing depends on price and conditions.
Repurchase authorization may be completed earlier or extended; no minimum repurchase obligation.
Company had approximately 11.5M shares outstanding; 5% equates to ~575,000 shares (based on last filing).
Program signals management confidence; funded from existing cash and capital.

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