Park Bancorp in Chicago Exploring Options Including Possible Sale

Park Bancorp Inc. in Chicago said Tuesday that it had hired an investment bank to help it explore its strategic options, including a possible sale.

The $208.3 million-asset company said in a regulatory filing that its board had retained KBW Inc.'s Keefe, Bruyette & Woods Inc. to help with "exploring and evaluating its strategic alternatives." Park said in the filing that it had not established a timetable for completing the evaluation.

Park has faced a series of challenges in recent years. Earlier this year, it was hit with a cease-and-desist order by the now-defunct Office of Thrift Supervision, where it was required to provide a capital and business plan for 2011 and 2012.

In 2010, the company moved its stock listing to the Nasdaq Capital Market after it was notified by the exchange that it was no longer in compliance for listing on the Nasdaq Global Market.

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