Parkway Bank Announces Stock Dividend
20 July 2006 - 1:00AM
PR Newswire (US)
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, +1-828-758-1414 Web site: http://www.parkwaybanknc.com/
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