Business Context and Reporting Period
This Form 8-K filing by Parke Bancorp, Inc. reports a corporate governance event dated November 16, 2006. The filing addresses the departure of a principal officer and the subsequent appointment of a new Chief Financial 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
- Departure: Mr. Ernest D. Huggard ceased employment as Senior Vice President and Chief Financial Officer effective November 16, 2006.
- Appointment: Mr. Robert Kuehl (age 58) was appointed Senior Vice President and Chief Financial Officer on the same date.
- Compensation: Mr. Kuehl was awarded 8,000 stock options under the 2005 Stock Option Plan. 1,600 options vest immediately, with the remainder vesting in equal installments over four years.
Management Commentary and Background
Mr. Kuehl brings extensive experience from the banking sector. Prior to joining Parke Bancorp, he served as an independent financial consultant. His previous executive roles include:
- Senior Vice President and CFO of Western Ohio Corporation.
- CFO of Superior Financial Corp.
- Executive Vice President and CFO of Main Street Bancorp.
- Senior Vice President and Controller of WSFS Financial Corporation.
The filing contains no specific guidance, outlook, risks, or contingencies beyond the standard disclosure of the personnel change.
Investor Verification Checklist
- Verify the effective date of the CFO transition (November 16, 2006).
- Confirm the vesting schedule of the 8,000 stock options awarded to the new CFO.
- Review the 2005 Stock Option Plan details to understand the terms of the award.
- Check subsequent filings for any financial impact related to the executive compensation package.