Business Context and Reporting Period
This Form 8-K filing by Parke Bancorp, Inc. (PKBK) reports a corporate governance event dated January 19, 2021. The registrant is a New Jersey corporation with principal executive offices in Washington Township, New Jersey. The filing specifically addresses Item 5.02 regarding the departure of a certain officer and the appointment of a new officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Appointment: John S. Kaufman (age 38) was appointed Senior Vice President and Chief Financial Officer (CFO).
- Departure: John F. Hawkins retired as Executive Vice President and Chief Financial Officer on the same date.
- Background: Mr. Kaufman joined the company in July 2020 as Senior Vice President and Treasurer. He brings over 19 years of financial industry experience, including prior roles at MSB Financial Corp., Millington Bank, and American Heritage Federal Credit Union.
Guidance, Outlook, and Contingencies
The filing details a Management Change in Control Severance Agreement implemented with Mr. Kaufman, effective December 15, 2020. Key terms include:
- Severance: Benefits equal to 1.5 times the most recent three-year average salary and cash incentive/bonus payments (capped at Section 280G tax-deductible limits) upon termination following a change in control.
- Benefits: Reimbursement for medical, dental, and life insurance premiums for 18 months.
- Restrictions: Non-compete and non-solicitation restrictions for one year following termination due to a change in control.
The filing contains no forward-looking financial guidance or management commentary regarding business outlook.
Investor Verification Checklist
- Verify the transition timeline between the retiring CFO and the newly appointed CFO to ensure operational continuity.
- Review the specific terms of the Change in Control Severance Agreement for potential future liabilities.
- Confirm Mr. Kaufman's prior performance and tenure at MSB Financial Corp. and Millington Bank.
- Check subsequent filings for any impact on the company's financial reporting or strategic direction following this leadership change.