Parke Bank
“Parke Bancorp, Inc. is the holding company for Parke Bank, which operates from its corporate headquarters in Washington Township, New Jersey and 7 branch offices in Washington Township, New Jersey, Northfield, New Jersey, Galloway Township, New Jersey, Collingswood, New Jersey, Center City Philadelphia, and Chinatown in Philadelphia. Parke Bank is a full service commercial bank, with an emphasis on providing personal and business financial services to businesses and individuals primarily in Philadelphia and surrounding counties and Southern New Jersey. Parke Bank’s deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation (FDIC). Parke Bancorp’s common stock is traded on the NASDAQ Capital Market under the symbol “PKBK”.”
- website: https://www.parkebank.com/
Cannabis Banking Services
“As the cannabis industry continues to grow, we are thrilled to announce that we are now able to offer lower fees to cannabis businesses. As one of only six banks in the country serving the medicinal cannabis industry when it was first approved in New Jersey, we understand the unique challenges that these businesses face, and we are committed to supporting them in any way we can. Our team of professionals offer a decade of experience and expertise, and our Cannabis-related Business (CRB) banking solutions provide secure, reliable, and efficient banking for your growing business. Whether you are just starting out or looking to expand your operations, we are here to help.”
States Served:
- Maryland; New Jersey; New York; Pennsylvania
Official cannabis banking page: https://www.parkebank.com/business-banking/cannabis-banking/
Media coverage:
- Baltimore Business Journal: Maryland banks in the cannabis space expect windfall from recreational sales, but fear it won’t last
One bank that knows the impact of recreational cannabis well is Parke Bank in Sewell, New Jersey. Parke has been in the cannabis business since 2010 when a major customer and friend of the bank’s CEO Vito Pantilione got one of the state’s first medical cannabis licenses. Parke Bank saw its cannabis business grow over a decade with medical sales, but when recreational cannabis sales started in April 2022, it actually hurt Parke’s cannabis business. The bank went from $375 million in cannabis deposits on Dec. 31, 2021 to $123.5 million as of March 31. Pantilione said that as more money entered the space, larger businesses started buying up dispensaries and, as a $2 billion bank, Parke couldn’t compete with larger financial institutions.
Bank Health Rating
DepositAccounts.com Rating: link
- DepositAccounts considers several health grade components:
- Texas Ratio (measuring bank credit risk);
- Texas Ratio trend;
- Deposit growth;
- Capitalization (difference between bank assets and liabilities).