CHICAGO, Sept. 29, 2015 (GLOBE NEWSWIRE) -- Royal Financial, Inc. (“Royal”) (OTCQX:RYFL), parent company of Royal Savings Bank (the “Bank”), announced today that it has received all regulatory approvals required for the previously announced acquisition and merger of PNA Bank into Royal Savings Bank.
Royal expects to close the transaction on September 30, 2015. After closing, the combined assets are expected to be $212 million. PNA Bank’s two banking centers (in Chicago and Niles, Illinois) will be integrated into Royal’s branch network. Royal expects to complete post-closing integration of the acquisition with the conversion of PNA Bank’s core computer system on February 29, 2016.
”We are pleased that the regulatory approval process has concluded which enables us to move forward with our plans to serve PNA Bank’s customers and integrate PNA’s staff into our organization,” said Leonard Szwajkowski, Royal’s President and CEO. “We continue to be excited about the opportunity to expand our footprint in the greater Chicago region. The customers of the merged Royal Savings Bank will have access to four banking locations in the Chicagoland marketplace and to loan centers in Homewood and St. Charles. We will continue to provide the highest quality customer service to our new and existing customers throughout the combined service area.”
Royal has scheduled its annual meeting for Tuesday, January 26, 2016 at 1:00 PM (Chicago time) with a record date of November 27, 2015.
Royal Savings Bank offers a range of checking and savings products and a full line of home and commercial lending solutions. Royal Savings Bank has been operating continuously in the south and southeast communities of Chicago since 1887 and currently has four branches in Chicagoland and lending centers in Homewood and St. Charles, Illinois. Visit Royal Financial, Inc. and Royal Savings Bank at www.royalbankweb.com
Forward Looking Statements: This press release may include forward-looking statements. These forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on the operations and future prospects of the Company and the Bank include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions; continued credit deterioration in our loan portfolio that would cause us to further increase our allowance for loan losses; legislative/regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of the loan and securities portfolios; demand for loan products in our market areas; deposit flows; competition; demand for financial services in our market areas; our ability to integrate the operations of PNA Bank successfully and cost-effectively; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements.
Contact: Mr. Leonard Szwajkowski President and CEO Royal Financial, Inc. Telephone: (773) 382-2111 E-mail: email@example.com
Source:Royal Financial, Inc.