Group Led by Edward Shin to Acquire Royal Asian Bank
September 25 2009 - 9:20AM
Marketwired
Edward Shin, President and CEO of Royal Asian Bank, and James J.
McSwiggan, President and COO of Royal Bancshares of Pennsylvania,
Inc. (NASDAQ: RBPAA), jointly announced today that Mr. Shin has
formed an ownership group known as Royal Asian Bancshares, Inc.
that will acquire Royal Asian Bank.
Royal Asian Bank provides banking products and services to the
Korean-American communities in Southeastern Pennsylvania, Northern
New Jersey and Flushing, New York. As of August 31, 2009, Royal
Asian Bank had assets of approximately $116.62 million, deposits of
approximately $94.44 million and loans of approximately $65.80
million (net of its loan allowance).
"Royal Asian Bank is an outstanding franchise, with truly
talented employees," stated Robert R. Tabas, Chairman and CEO of
Royal Bancshares of Pennsylvania, Inc. "We are delighted to see Ed
and his group take advantage of the opportunity to own the bank
that he leads. We will be working together to ensure a systematic
and smooth transition over the coming months."
"For Royal Bancshares of Pennsylvania, Inc., the sale of Royal
Asian Bank allows us to channel our energies on continuing to
reinvigorate the Royal Bank America brand," Tabas continued. "By
narrowing our geographic footprint and business focus, we believe
we are continuing the process mapped out in the strategic plan
created by our Board of Directors."
Mr. Shin will continue as President and CEO of Royal Asian Bank
and serve as a member of the Board of Directors of Royal Asian Bank
after closing of the acquisition. The remainder of the Board of
Directors will be composed of experienced bankers and businessmen
from the communities that Royal Asian Bank serves. Substantially
all of Royal Asian Bank's executive management team and current
employees will remain in their positions after consummation of the
acquisition.
"We are very excited about this opportunity," Shin said, "not
only for ourselves but also for our customers. Our ability to
acquire Royal Asian Bank enables us to continue to provide
innovative banking and financing solutions as well as highly
personalized customer service to meet the specific needs of the
Asian-American community in general, and the Korean-American
community in particular.
"Today begins a new chapter for our bank," Shin continued. "Our
primary areas of expertise will continue to be commercial lending
and international trade finance and we will reenergize efforts
focused on building relationships and partnering with our customers
to meet their specialized banking needs."
"Today we have moved to further strengthen the interests of the
Korean-American community in the success of Royal Asian Bank," said
Young Man Kim, a current director of Royal Asian Bank who is
expected to be named chairman of Royal Asian Bank after closing.
"We believe that with our group's acquisition of Royal Asian Bank
we will enhance our position within our two core markets of Eastern
Pennsylvania and Northern New Jersey/Flushing, New York. These
markets are home to some of the highest concentrations of
Asian-Americans within the United States," commented Kim.
The transaction is expected to be completed by the end of this
year, pending regulatory approval.
Curtis Securities, LLC served as financial advisor to Royal
Asian Bancshares, Inc. 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 the parent company of Royal Bank
America, a community-focused bank with 15 branches throughout
Southeastern Pennsylvania and Southern New Jersey. Royal Bank
America has played a lead role in the growth and development of our
region for the past 40+ years. For more information on Royal Bank
America's banking solutions and to locate the office nearest you,
please visit our website at www.royalbankamerica.com.
Forward-Looking Statements
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, 2008.
Company Contact: Marc Sanders Director of Marketing Royal Bank
America Office: 610-668-4700 Cell: 484-802-1944
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