Parkway Bank Announces Stock Dividend

LENOIR, N.C., July 19  /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 August 14, 2006 to shareholders of record on July 31, 2006.  Gary Clawson, President and CEO, said, "It gives management and the Board of Directors great pleasure to issue another stock dividend.  This will be our third such 10% dividend and we are pleased to share our continued success by issuing additional stock to our shareholders."

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, Parkway Bank has grown to over $92 million in assets with net income of $489,436 through the first six months of 2006. Parkway Bank opened its first full service branch office in the first quarter of 2004 in Hudson, North Carolina. In addition to traditional banking services, Parkway Bank created a wholly-owned subsidiary, Parkway Insurance Services, Inc. ("Parkway Insurance"). Through this multi-line agency, Parkway Bank is able to offer a wide array of personal, commercial and financial insurance.

For more information about the Parkway 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,

[phone]



Web site:  http://www.parkwaybanknc.com/

Copyright