Parkway Bank Announces Stock Dividend
April 26 2005 - 4:18PM
PR Newswire (US)
Parkway Bank Announces Stock Dividend LENOIR, N.C., April 26
/PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY) (BULLETIN BOARD:
PKWY) today announced the approval by its Board of Directors of an
11-for-10 stock split to be effected in the form of a 10% stock
dividend payable on May 31, 2005 to shareholders of record on May
15, 2005. Gary Clawson, President and CEO, said, "It's been
approximately a year and a half since Parkway declared its first
stock dividend and it gives management and the Board of Directors
great pleasure to issue another stock dividend in such a short
period of time. Rewarding our shareholders is of primary importance
to all of us at Parkway. Our plans for increasing shareholder value
in the future include greater focus on increasing retained
earnings. Provided the housing sector and the overall economy
remain stable, we are confident of our ability to continue to
produce positive results." Parkway Bank was incorporated on April
9, 2001 as a North Carolina- chartered commercial bank and opened
for business on August 13, 2001 in Lenoir, North Carolina. Since
opening, the Bank has grown to over $75 million in assets with
first quarter 2005 net income of $220,220. The Bank opened it first
full service branch office in the first quarter of 2004 in Hudson,
North Carolina. In addition to traditional banking services, the
Bank created a wholly owned subsidiary, Parkway Insurance Services,
Inc. ("Parkway Insurance"). Through this multi-line agency, the
Bank is able to offer a wide array of personal, commercial and
financial insurance. During the first quarter of 2004, the Bank
also commenced offering premium finance services. For more
information about the Bank and our products and services, contact
Parkway Bank at 828-758-1414, or visit
http://www.parkwaybanknc.com/ . This release contains certain
forward-looking statements with respect to the financial condition,
results of operations and business of the Bank. These
forward-looking statements involve risks and uncertainties and are
based on the beliefs and assumptions of management of the Bank and
on the information available to management at the time that these
disclosures were prepared. These statements can be identified by
the use of words like "expect," "anticipate," "estimate" and
"believe," variations of these words and other similar expressions.
Readers should not place undue reliance on forward-looking
statements as a number of important factors could cause actual
results to differ materially from those in the forward-looking
statements. The Bank undertakes no obligation to update any
forward-looking statements. DATASOURCE: Parkway Bank CONTACT: Gary
T. Clawson, President and CEO of Parkway Bank, +1-828-758-1414 Web
site: http://www.parkwaybanknc.com/
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