0001140361-15-024366.txt : 20150616 0001140361-15-024366.hdr.sgml : 20150616 20150616091521 ACCESSION NUMBER: 0001140361-15-024366 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150616 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150616 DATE AS OF CHANGE: 20150616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROYAL BANCSHARES OF PENNSYLVANIA INC CENTRAL INDEX KEY: 0000922487 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 231627866 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26366 FILM NUMBER: 15933309 BUSINESS ADDRESS: STREET 1: 732 MONTGOMERY AVE CITY: NARBERTH STATE: PA ZIP: 19072 BUSINESS PHONE: 6106684700 MAIL ADDRESS: STREET 1: 732 MONGTOMERY AVENUE CITY: NARBERTH STATE: PA ZIP: 19072 8-K 1 form8k.htm ROYAL BANCSHARES OF PENNSYLVANIA 8-K 6-16-2015
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

June 16, 2015
Date of Report (Date of earliest event reported)

ROYAL BANCSHARES OF PENNSYLVANIA, INC.
(Exact name of registrant as specified in its charter)

Pennsylvania
  
0-26366
  
23-2812193
(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(IRS Employer Ident. No.)
         
732 Montgomery Avenue, Narberth, Pennsylvania
  
19072
(Address of principal executive offices)
  
(Zip Code)
 
(610) 668-4700
Registrant’s telephone number, including area code
 
N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
Item 8.01
Other Events.

On June 16, 2015, Royal Bancshares of Pennsylvania, Inc. (“Royal”) issued a press release announcing that Royal Bank America, its wholly owned bank subsidiary (“Royal Bank”), had entered into a definitive agreement to purchase from First CornerStone Bank (“First CornerStone”) the First CornerStone branch located at 2 West Baltimore Avenue, Media, Pennsylvania (the “Branch”). In connection with the purchase of the Branch, Royal Bank agreed to assume the deposits at the Branch and to purchase certain related loans. A copy of the press release is furnished as Exhibit 99.1 hereto.

Item 9.01
Financial Statements and Exhibits.
 
 
(d)
Exhibits:
 
99.1            Press release, dated June 16, 2015, regarding the purchase of a branch from First CornerStone Bank.
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
ROYAL BANCSHARES OF PENNSYLVANIA, INC.
     
Dated: June 16, 2015
    
 
By:
 
/s/ Michael S. Thompson
   
Michael S. Thompson
   
Chief Financial Officer

EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1
 

ROYAL BANK AMERICA ANNOUNCES
ACQUISITION OF FIRST CORNERSTONE BRANCH

NARBERTH, PA (Marketwired—June 16, 2015) - Royal Bancshares of Pennsylvania, Inc. (“Company”) (NASDAQ: RBPAA), parent company of Royal Bank America (“Royal Bank”), today announced that Royal Bank has entered into a definitive agreement with First CornerStone Bank (“First CornerStone”), pursuant to which Royal Bank has agreed to purchase, and First CornerStone has agreed to sell, the Media, Pennsylvania branch office of First CornerStone, together with approximately $39.3 million in customer deposits and approximately $6.2 million in loans related to the branch and approximately $3.8 of additional loans.

Commenting on the announcement, Kevin Tylus, President and Chief Executive Officer of the Company, said “Royal Bank was pleased to participate in this cooperative transaction. It achieves a strategic goal of ours to expand our presence in Media and Delaware County. We welcome the customers specific to the Media branch and the employees who have so ably managed and served customers at this location. The customers and employees alike will be important components of Royal Bank's commitment to the area and to the communities we serve.”

Robert M. Jara, President and Chief Executive Officer of First CornerStone, said “This transaction will allow us to continue to strengthen our balance sheet and align our growth with the continuing changes in customers’ habits and delivery systems.”

The consummation of the transaction is subject to customary closing conditions, including receipt of all necessary regulatory approvals, and is expected to be completed in the third quarter of 2015.

Royal Bank was represented by Stevens & Lee, P.C., and First CornerStone was represented by Fox Rothschild LLP in this transaction.

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 more than 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, 2014.