Parke Bancorp Appoints Director; Removes Bylaw Residency and Share Rules

What Happened

• On September 22, 2026, Parke Bancorp, Inc. announced the appointment of Michael L. Regina to its Board of Directors; he will serve until the next annual meeting of stockholders. Mr. Regina is the founder and co‑owner of Big Sky Enterprises (project management/general contracting) and Global Post Auditing Solutions (post‑auditing freight payments).
• At the same Board meeting (September 22, 2026) the company approved amendments to its Bylaws removing Article III, Section 3 (a director residency limit of no more than 50 miles from the office of Parke Bank) and Section 16 (a minimum director share ownership requirement of 25,000 shares).

Key Details

• Director appointment date: September 22, 2026; press release dated September 24, 2026.
• New director: Michael L. Regina; also appointed to the Board of Directors of Parke Bank.
• Bylaw changes: removed residency limit (50 miles) and minimum share ownership requirement (25,000 common shares).
• Company states Mr. Regina was not appointed pursuant to any arrangement with a third party and no reportable related‑party transactions exist.

Why It Matters

• Governance: The new board appointment changes the composition of the board and adds a director with private‑sector operational and freight‑audit experience; he will serve until the next annual meeting.
• Eligibility rules: Removing the residency and share‑ownership requirements lowers formal barriers to board service, broadening the pool of potential director candidates going forward. This is a governance change investors should note when evaluating future board nominations and corporate oversight.