CHICAGO, Nov. 13, 2015 /PRNewswire/ -- The Board of Directors of Park Bancorp, Inc. (the "Company") (OTCPink: PFED) and its banking subsidiary, Park Federal Savings Bank (the "Bank"), announced that they received notice from Parkway Bancorp, Inc. ("Parkway") of the termination of the merger agreement previously entered into between the Company and Parkway, the parent company of Parkway Bank & Trust Company, pursuant to which the Company and the Bank would have been acquired by Parkway. As a result of the termination of the agreement, the Company and the Bank will continue to seek other strategic alternatives in an effort to recapitalize the Bank.
About Park Bancorp, Inc.
Park Federal Savings Bank has served the southwest side of Chicago since 1921. With four offices in Chicago and its Western suburbs, the Bank offers conventional mortgages to homeowners, as well as commercial, construction and investment loans for multifamily, mixed-use and commercial properties.
For further information contact:
David A. Remijas, President and CEO
Park Bancorp, Inc.
5400 S. Pulaski Road
Chicago, IL 60632
SOURCE Park Bancorp, Inc.