CHICAGO, Nov. 05, 2016 (GLOBE NEWSWIRE) -- Royal Financial, Inc. (the “Company”) (OTCQX:RYFL), the bank holding company for Royal Savings Bank (the “Bank”), announces that the Bank completed the integration of Park Federal Savings Bank (“Park Federal”) into the Bank.
“By completing the integration of Park Federal into Royal Savings Bank, all customers now enjoy access to all of the Bank’s product and service offerings at all facilities and online. The Bank’s staff performed superbly to complete the integration in only five months, ahead of schedule, and with minimal disruptions to customers,” said Leonard Szwajkowski, President and CEO. “We look forward to expanding our service relationship with existing customers and to attracting new customers in the markets we serve.”
The Company acquired two Chicago-area financial institutions in a six month period. On November 14, 2014, the Company announced the acquisition of PNA Bank. It closed the acquisition on September 30, 2015 and completed the integration on February 28, 2016. On January 15, 2016, the Company announced the acquisition of Park Bancorp and its subsidiary, Park Federal. It closed the acquisition on April 29, 2016, and completed the integration on September 25, 2016. In both transactions, the Company coordinated the forward-sale of distressed assets, elimination of unwanted balance sheet items, and retention of value-enhancing assets and core deposits to produce substantial improvement in the value realized by the Company’s shareholders.
“The PNA Bank acquisition was the first in the Company’s one hundred thirty year history, and we are pleased that it was executed and integrated smoothly with minimal customer disruptions. That acquisition had a transformative impact on the value and structure of the Company,” said Mr. Szwajkowski. “We are also pleased that we were able to follow soon after that first acquisition with the Park Bancorp acquisition, which continued the expansion of our physical network and growth in shareholder value.
“These acquisitions have given us the experience needed to make and integrate acquisitions efficiently and effectively while tending to the needs of existing customers of both our Bank and the banks that we acquire. We continue to seek opportunities to expand through acquisition of banks, thrifts, and financial service companies in the Chicagoland market.”
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 since 1887, and currently has seven branches in Chicagoland and lending centers in Homewood and St. Charles, Illinois. Visit Royal Financial, Inc. and Royal Savings Bank at: www.royalbankweb.com.
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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 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; 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.