Business News • MarketWire • Royal Bancshares Completes Sale of Royal Asian Bank Stock to Group Led by Edward Shin |
Royal Bancshares Completes Sale of Royal Asian Bank Stock to Group Led by Edward Shin |
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Royal Bancshares Completes Sale of Royal Asian Bank Stock to Group Led by Edward Shin
NARBERTH, PA--(Marketwire - December 30, 2010) - James J. McSwiggan, President and COO of Royal Bancshares of Pennsylvania, Inc. (NASDAQ: RBPAA), and Edward Shin, President and CEO of Royal Asian Bank, jointly announced today that an ownership group led by Mr. Shin had completed the purchase of all of the outstanding common stock of Royal Asian Bank owned by Royal Bancshares of Pennsylvania, Inc. The sale was completed under an agreement signed in August 2010. Under the terms of the agreement, the purchase price for the stock was equal to the total shareholders' equity of Royal Asian Bank, determined in accordance with generally accepted accounting principles as of November 30, 2010, or approximately $12.3 million.
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