Royal Financial, Inc., parent firm of Royal Savings Bank, said this week that it has secured all regulatory approvals so it can proceed with its acquisition of PNA Bank, which then will merge with Royal Savings Bank.
”We are pleased that the regulatory approval process has concluded, which enables us to move forward with our plans to serve PNA Bank’s customers and integrate PNA’s staff into our organization,” Leonard Szwajkowski, Royal’s president and CEO, said. “We continue to be excited about the opportunity to expand our footprint in the greater Chicago region. The customers of the merged Royal Savings Bank will have access to four banking locations in the Chicagoland marketplace and to loan centers in Homewood and St. Charles. We will continue to provide the highest-quality customer service to our new and existing customers throughout the combined service area.”
Szwajkowski said Royal expects to close the transaction this week. After the merger closes, the combined assets of Royal Savings Bank are expected to total $212 million. PNA Bank’s two banking centers will be integrated into Royal’s branch network. Royal expects to complete post-closing integration of the acquisition with the conversion of PNA Bank’s core computer system on February 29, 2016.
Royal Savings Bank has been operating continuously in the south and southeast communities of Chicago since 1887 and currently has four branches in Chicagoland and lending centers in Homewood and St. Charles, Illinois.