System and method for performing simultaneous read and write operations in a memory

A network device, comprising:

• a set of content memory banks configured to store content data, the set of content memory banks including a first memory bank;
• a parity memory bank corresponding to the set of content memory banks configured to store parity information;
• a first memory interface configured to:
• perform a write operation to write new content data to a location in a first content memory bank in a plurality of partial write operations that are spread over two or more clock cycles, the plurality of partial write operations including:
• reading old content data from the location in the first content memory bank during a first clock cycle,
• generating new parity information for the new content data using the old content data, and
• storing the new parity information to the parity memory bank in a second clock cycle after the first clock cycle;
• and
• a second memory interface configured to perform a read operation, independently of reading old content data of the plurality of partial write operations, at the location in the first content memory bank concurrently while the first memory interface is performing at least one of the plurality of partial write operations.