UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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PARKE BANCORP, INC.
INFORMATION TO BE INCLUDED IN REPORT
Section 5 – Corporate Governance and Management
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 19, 2021, the Board of Directors of Parke Bancorp, Inc. (the “Company”) appointed John S. Kaufman, age 38, to Senior Vice President and Chief Financial Officer of the Company. On that same date, John F. Hawkins retired as Executive Vice President and Chief Financial Officer of the Company.
Mr. Kaufman joined the Company in July 2020 as Senior Vice President and Treasurer. Prior to joining the Company, Mr. Kaufman served as First Vice President and Chief Financial Officer of MSB Financial Corp. (“MSB Financial”) and Millington Bank, from 2015 to July 2020. Prior to his service with MSB Financial, Mr. Kaufman served as Controller of American Heritage Federal Credit Union from July 2013 to September 2015. He has also worked for GCF Bank from June 2012 to July 2013 and, prior to that, Wilmington Savings Fund Society. Mr. Kaufman has been in the financial industry for over 19 years, primarily with savings banks.
The Company has previously implemented a Management Change in Control Severance Agreement (the “Agreement”) with Mr. Kaufman, effective December 15, 2020. The Agreement provides for severance benefits associated with termination of employment following a change in control equal to one and one-half times the most recent three-year average salary and cash incentive and bonus payments, not to exceed the tax-deductible amounts under Section 280G of the Code. In addition, such individuals are eligible to receive reimbursement for premium contributions for their medical, dental and life insurance premiums for 18 months. Such agreement also provides that Mr. Kaufman would be subject to non-compete and non-solicitation restrictions for a period of one year following his termination of employment following a change in control.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PARKE BANCORP, INC. | ||||||
| Date:January 20, 2021 | By: | /s/ Vito S. Pantilione | ||||
| Vito S. Pantilione President and Chief Executive Officer (Duly Authorized Representative) | ||||||