NARBERTH, PA--(Marketwired - Sep 16, 2014) - Royal Bancshares of Pennsylvania ("the Company") (
Successful branch relocations in Villanova and Phoenixville, PA, and a make-over in Bridgeport, occurred recently. And on Monday, September 8, Royal Bank opened a new branch in the bustling Northern Liberties section of Philadelphia, which will be a re-location of the former Fairmount branch. The new branch is an exciting state of the art customer convenience center, with technology for teller-assisted and self-service transactions. Royal Bank also opened a limited service office in Princeton, New Jersey to offer more convenience to its central New Jersey commercial customers. And in October the bank will open a branch in busy Blackwood, New Jersey, a re-location from the current Sicklerville site. Plans include entering Willow Grove in January, 2015 and the much-anticipated Narberth redevelopment later in 2015.
In July, the Company successfully repurchased a substantial portion of its preferred shares held by the US Treasury under the TARP program through a recently completed private placement of $14 million of new common equity. In addition, an August shareholder rights offering raised $6 million of common equity that was over-subscribed by nearly three times.
President and Chief Executive Officer Kevin Tylus noted, "We are encouraged by Royal Bank's steady improvement. Earnings and loan growth are funding new products and more choices for our commercial and retail customers. Their customer experiences are more in line with those of leading consumer firms. These enhancements more deeply affix the growing Royal Bank brand in the highly attractive greater Philadelphia and central and southern New Jersey markets."
Physical location enhancements are coupled with internet-based and computer-based products and services for all customers. Home equity loan applications can now be submitted 24x7 on-line, "touch" banking access provides real-time access to Royal Bank and to services such as on-line account access and bill pay, and commercial customers now have a full suite of contemporary cash management products. Royal Bank customers also have a national network of 55,000 ATMs available to them with no surcharge.
"Customers want ease and speed, yet many still want personal service," remarked Lars Eller, Executive Vice President and Chief Retail Banking Officer. "Royal Bank provides that personal service to a broad constituency, while also offering the latest technology and products designed to make banking for individuals and businesses more of a pleasure."
Royal Bank recently launched its new branding campaign associated with its 50th anniversary, with the crown symbolizing its four main constituents: customers, shareholders, co-workers and community. The bank provides volunteerism and financial support to organizations within its service area committed to improving communities and the lives of youths of lesser means. Recent examples include volunteerism and financial support to Mighty Writers, Valley Youth House, the back-to-school Backpack Challenge and Christine's Hope for Kids Foundation.
About Royal Bancshares of Pennsylvania, Inc.
Royal Bancshares of Pennsylvania, Inc., headquartered in Narberth, Pennsylvania, is the parent company of Royal Bank America, which for the past 50 years has played a lead role in the growth and development of our region by empowering small businesses, entrepreneurs and individuals to achieve their financial goals and enrich our communities. More information on Royal Bancshares of Pennsylvania, Inc., Royal Bank America and its subsidiaries can be found 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, 2013.