Parkway Bank Files Form 15-Deregistration

LENOIR, N.C., June 18, 2012 /PRNewswire/ -- Parkway Bank (OTCBB:PKWY), a North Carolina state chartered bank headquartered in Lenoir, North Carolina, announced today it filed a Form 15 with the Federal Deposit Insurance Corporation ("FDIC") to voluntary deregister its shares of common stock under the Securities Exchange Act of 1934, as amended.  Upon such filing, the Bank's obligation to file certain reports with the FDIC, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, was immediately suspended.  Shares of the Bank's common stock will continue to trade on the Over-The-Counter Bulletin Board without interruption.

This action comes in response to the recent signing into law of the JOBS ACT of 2012, in particular the provision that now makes it possible for companies to deregister a class of equity securities if it has fewer than 1,200 shareholders of record.  The Bank expects to generate annual savings by reducing certain accounting, legal and administrative costs associated with being a Registrant.  The savings will allow the Bank to focus on other areas of the Bank's operations to further the strategic direction set by the Board of Directors.

The Bank will continue to report quarterly financial results to the FDIC via Call Reports which are publicly available on the FDIC website at www.2fdic.gov/CallTFRRPTS. The Bank will continue to undergo annual independent financial statement and internal control audits as well as regulatory compliance examinations by the FDIC and the NC State Banking Commission.  Periodic and annual financial statement information will also be available on the Bank's website at www.parkwaybanknc.com.

Parkway Bank is a full-service community bank.  Founded in 2001, the Bank has offices in Lenoir, Granite Falls and Hudson, NC. 

This Press Release may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Bank's goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", "projects", "outlook", or similar expressions.  These statements are based upon current beliefs and expectations of the Bank's management and are subject to significant risks and uncertainties.  Actual results may differ from those set forth in the forward-looking statements.  These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Bank's control).  The Bank undertakes no obligation to update any forward-looking statements. 

 

 

SOURCE Parkway Bank

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