Royal Financial Announces Approval of Branch Purchase Transaction
CHICAGO, March 17, 2020 (GLOBE NEWSWIRE) -- Royal Financial, Inc. (“Royal”) (OTCQX: RYFL), parent company of Royal Savings Bank (“Royal Savings”), announced today that, as of March 10, 2020, it has received all regulatory approvals required for the previously announced purchase of two Illinois State Bank branch banking centers located in the Illinois cities of Lake in the Hills and McHenry from North Shore Bank, F.S.B. (“North Shore”), of Brookfield, Wisconsin.
The transaction is scheduled to close on May 1, 2020. Royal Savings anticipates assuming approximately $42 million in deposits and substantially all fixed assets at these locations. After closing, Royal Savings will operate eleven branch locations and two loan production offices in the greater Chicago market.
Both banks are working closely to provide a seamless transition for both customers and associates to Royal Savings. North Shore’s Lake in the Hills and McHenry branch customers will receive additional information in the near future. The transfer of the branches and related deposits will not affect customer loan accounts, investments, and credit cards with North Shore Bank.
Leonard Szwajkowski, President and Chief Executive Officer of Royal Savings said, “We welcome the customers and staff at these branches to Royal Savings, and we look forward to providing them with superior products and high-quality services. Customers will have access to eleven banking locations and to loan centers in Homewood and St. Charles. We are also excited about this opportunity to expand our branch network into the northwestern region of the Chicago metropolitan area.”
About Royal Financial, Inc.
Royal Savings Bank 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 Chicagoland area since 1887, and currently has nine branches and lending centers in Homewood and St. Charles, Illinois. Visit Royal Financial, Inc. and Royal Savings Bank at .
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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, including but not limited to the coronavirus outbreak; 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.
Contact: Mr. Leonard Szwajkowski
President and CEO
Royal Financial, Inc.
Telephone: (773) 382-2111
E-mail:
