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The company, which lost millions of dollars after straying from core banking, has returned to its roots as a traditional banking around Philadelphia.
August 26
Royal Bancshares of Pennsylvania (RBPAA) in Narbeth has agreed to sell nearly $14 million in stock through private placements.
The $737 million-asset company said Tuesday that it will sell a total of 4.8 million shares of class A stock to Emerald Advisors and a group of institutional investors at $1.20 a share. Another 6.9 million shares will be sold to certain directors and officers of the company, along with other private investors, at the same price.
Royal said the private placement will take place after if it successfully bids on some of its own preferred securities tied to the Troubled Asset Relief Program that the Treasury Department plans to auction. The company also said it needs approval from the Federal Reserve Board to bid on the Tarp shares.
Royal's shareholders approved the private placements last year.
