NARBERTH, PA -- (Marketwire) -- 08/26/10 -- James J. McSwiggan, President and COO of Royal Bancshares of Pennsylvania, Inc. (NASDAQ: RBPAA) and Edward Shin, President and CEO of Royal Asian Bank, jointly announced today that an ownership group led by Mr. Shin has entered into an agreement to acquire Royal Asian Bank.
Originally launched in 2004, Royal Asian Bank provides banking products and services to businesses and consumers in the Korean-American communities of Southeastern Pennsylvania, Northern New Jersey and Flushing, New York. As of June 30, 2010, Royal Asian Bank had assets of approximately $94.53 million, deposits of approximately $81.34 million and loans of approximately $66.16 million (net of its loan allowance).
"We are grateful to Royal Bancshares for enabling us to follow through with our vision of owning Royal Asian Bank, a process we began last September," Shin said. "Without the support, encouragement and patience of the Royal Bancshares Board and executive management team, we would not have been able to put together the group of investors necessary to continue pursuing our goal of community-led ownership for the bank."
"We are very excited for our customers and community," Shin continued. "Our pending acquisition of Royal Asian Bank will enable us to further our mission to provide innovative banking and financing solutions in a highly personalized customer service environment to meet the specific needs of the Asian-American community in general, and the Korean-American community in particular."
The transaction is expected to be completed by the end of this year, pending regulatory approval.
Waldman Law Group, P.C. provided legal counsel for Royal Asian Bancshares, Inc., and Stevens & Lee, P.C. provided legal counsel for Royal Bancshares of Pennsylvania, Inc.
About Royal Bancshares of Pennsylvania, Inc.
Royal Bancshares of Pennsylvania, Inc., headquartered in Narberth, Pennsylvania, is a two-bank holding company operating the Royal Bank America and Royal Asian Bank brands in Pennsylvania, New Jersey and New York. For the past 40+ years, Royal has played a lead role in the growth and development of our region, empowering small businesses, entrepreneurs and individuals to achieve their financial goals and enrich our communities. More information on Royal Bancshares of Pennsylvania, our banks and subsidiaries is available at www.royalbankamerica.com.
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to a number of uncertainties, and actual results could differ materially; therefore, readers should not place undue reliance on any forward-looking statements. Royal Bancshares of Pennsylvania, Inc. does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. For a discussion of the factors that could cause actual results to differ from the results discussed in any such forward-looking statements, see the filings made by Royal Bancshares of Pennsylvania, Inc. with the Securities and Exchange Commission, including its Annual Report - Form 10-K for the year ended December 31, 2009.
Director of Marketing
Royal Bank America
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