Parke Bancorp Inc. (PAV)

Overview

Parke Bancorp, Inc. stands as the parent holding company for Parke Bank, offering a vast array of financial services catered towards individual clients and small to mid-sized businesses. Established in 1999, with its headquarters situated in Washington Township, New Jersey, the company emphasizes delivering personalized and business banking solutions. Parke Bancorp, Inc. has carved a niche for itself in the financial market by combining traditional banking values with modern financial services, ensuring its customers receive comprehensive and tailored financial support.

Products and Services

• Deposit Products:

  The offering includes an extensive range of deposit products aimed at catering to the diverse needs of its customers. These products include checking accounts, savings accounts for long-term depositors, time accounts (certificates of deposit) that offer higher interest rates over a fixed term, money market accounts that blend the benefits of savings and checking accounts, and individual retirement accounts (IRAs) to support retirement planning. This diverse product range ensures that both individual and business clients can find options tailored to their specific financial goals and needs.

• Loan Portfolio:

  Parke Bancorp, Inc. provides a comprehensive loan portfolio that encompasses commercial and industrial loans to support businesses in their operational and expansion efforts; construction loans tailored for developers and builders; commercial real estate mortgage loans for investors and businesses seeking to purchase or refinance commercial property; residential real estate mortgage loans for individuals purchasing homes; and consumer loans that cover personal financial needs. This wide array of loan services is designed to meet the varied financing requirements of its clientele.

• Debit Cards:

  The company issues debit cards to its customers, facilitating convenient access to their funds for both online and in-person transactions. These debit cards are linked to the customer's bank account, allowing for direct debits for purchases and cash withdrawals, thus providing a secure and efficient method of managing and accessing funds.

• Internet Banking and Online Bill Payment:

  Embracing modern technology, Parke Bancorp, Inc. offers internet banking and online bill payment services, enabling customers to manage their accounts and conduct financial transactions remotely. These services offer the convenience of 24/7 banking access from anywhere in the world, allowing for account management, funds transfer, online bill payments, and the viewing of account statements, thereby ensuring customers can easily and securely manage their finances in the digital age.