CHICAGO, March 22, 2016 (GLOBE NEWSWIRE) -- Royal Financial, Inc. (the “Company”) (OTCQX:RYFL), the holding company and parent to Royal Savings Bank (“Royal Savings”), and Park Bancorp, Inc. (“Park Bancorp”) (OTC-Pink:PFED), the holding company and parent to Park Federal Savings Bank (“Park Federal”), jointly announce that on March 22, 2016 the shareholders of Park Bancorp have voted to approve the Agreement and Plan of Merger, dated January 14, 2016, by and between Royal Financial and Park Bancorp, pursuant to which Park Bancorp will merge with and into Royal Financial. The proxy vote was announced at the Park Bancorp special meeting of shareholders today in Chicago. The merger remains subject to regulatory approvals and is expected to close in late April 2016.
Leonard Szwajkowski, President and Chief Executive Officer of the Company, stated, “we look forward to serving Park Federal’s customers in the same manner and care as Park Federal.”
About Royal Financial, Inc.
Royal Savings Bank is a federally-insured financial institution that 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.
About Park Bancorp, Inc.
Park Federal Savings Bank has served the southwest side of Chicago since 1921. The Bank offers conventional mortgages to homeowners, as well as construction loans and investment loans for multifamily, mixed-use and commercial properties. The Bank offers a full range of checking and savings products. The Bank has three branches in Chicago and one in suburban Westmont, IL. The Bank believes in the value of neighborhood homeownership, and has reinforced that commitment with creative lending programs combined with available Federal Home Loan Bank and Neighborhood Housing Services Programs. The Bank is proud of its ability to service a diverse, multi-lingual customer base.
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Forward Looking Statements: This press release may include forward-looking statements. These forward-looking statements, which are based on certain assumptions and describe the Company’s and Park Bancorp’s respective future plans, strategies, and expectations, can generally be identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s and Park Bancorp’s respective 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 Park Bancorp 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 Royal Savings Bank and/or Park Federal to further increase their respective 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 the Company’s and Park Bancorp’s respective market areas; deposit flows; competition; demand for financial services in the Company’s and Park Bancorp’s respective market areas; 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.