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