CHICAGO, April 23, 2018 (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 Washington Federal Bank for Savings (“Washington Federal”) into the Bank.
On December 15, 2017, the Company announced that the Bank entered into a Purchase and Assumption Agreement (“PAA”) with the Federal Deposit Insurance Corporation (“FDIC”) to acquire the insured deposits and certain assets of Washington Federal. The FDIC acted as the receiver following the decision by the Office of the Comptroller of the Currency (“OCC”) to close Washington Federal. The parties closed the PAA on the same day it was announced (December 15, 2017), and the Bank completed the conversion of core data processing systems during the weekend ended on April 22, 2018.
“The Royal Savings Bank staff worked tirelessly and diligently to complete the integration of this failed institution in only four months, ahead of schedule, and with minimal disruptions to customers,” said Leonard Szwajkowski, President and CEO. “Our growth enables us to provide expanded products, services, and locations to both new and existing customers. We look forward to expanding our relationships with our customers and attracting new customers in the markets we serve.”
The Company has acquired three Chicago-area financial institutions during the past 2-1/2 years: PNA Bank (closed on September 30, 2015); Park Federal Bank for Savings (closed on April 29, 2016); and Washington Federal (closed on December 15, 2017). The acquisitions complement organic growth that has increased the Bank’s asset size to $432 million and its branch network to nine banking centers and two business production offices in the Chicago area.
“The acquisitions continue to have a transformative impact on the company’s earnings, balance sheet, operating efficiency, and market reach. The Company is focused on increasing shareholder value through profitable growth by organic means and by acquisition, and we remain open to increasing shareholder value through acquisitive growth in the Chicagoland marketplace,” said Mr. Szwajkowski.
Company management estimates that operating expenses will decrease by $30,000 per month resulting from the elimination of duplicative data processing and other activities.
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 nine 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.