James McSwiggan, President and COO of Royal Bancshares of Pennsylvania Inc. (RBPAA) and Edward Shin, President and CEO of Royal Asian Bank, announced that an ownership group led by Shin has entered into an agreement to acquire Royal Asian Bank.
As of June 30, 2010, Royal Asian Bank had assets of about $94.53 million, deposits of about $81.34 million and loans of about $66.16 million (net of its loan allowance).
The transaction is expected to be completed by the end of this year, pending regulatory approval.
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