Parke Bancorp in Washington Township, N.J., is missing a “significant” amount of cash that was held by a third party for its cannabis-related clients.
The $2 billion-asset company said in a press release that an armored car company its uses to store and transport cash reported the money was missing.
Parke didn’t state when the cash disappeared or precisely how much is missing, though it said about $9.5 million had been stored at the third-party location.
The incident “is of significant concern,” Vito Pantilione, Parke’s president and CEO, said in the release.
“While the potential loss, if any, is unknown at this time, the amount of money involved is significant, and this matter is a top priority,” Pantilione added. “Rest assured … that we are aggressively pursuing all avenues of recovery.”
Parke said the situation is currently under investigation and “the amount of the loss cannot be reasonably estimated.” The company said it is working with law enforcement authorities while looking into a potential insurance claim.
“If it is ultimately determined that a loss is probable and estimable, we will record the loss in the appropriate fiscal period,” the release said. “If we are successful in making recoveries, we will record the recoveries in the period received, or when the receipt of such recoveries becomes certain.”