Parke Bancorp (PKBK) in Sewell, N.J., has raised roughly $20 million in a private placement.
The $746 million-asset Parke said in a press release Monday that it sold 20,000 shares of convertible preferred stock at $1,000 a share.
Parke said it plans to use the roughly $18.6 million in net proceeds for general corporate purposes, which may include redeeming shares issued to the Treasury Department in 2009 as part of the Troubled Asset Relief Program.
"The successful completion of this capital raise is an exciting milestone for the company," Parke President and Chief Executive Vito Pantilione said in the release. "We are very pleased with the options that this capital allows us to pursue."