Royal Bancshares of Pennsylvania has reported a net loss of $27.26m, or $2.05 per basic share, for the fourth quarter ended December 31, 2008, compared to a net income of $3.46m, or $0.27 per share, for the fourth quarter ended December 31, 2007.
The company’s net loss for the 12 months ended December 31, 2008 was $38.08m, or $2.86 per basic share, compared to a net income of $564,000, or $0.04 per share, for the 12 months ended December 31, 2007.
Total assets as of December 31, 2008 were $1.17 billion as compared to $1.28 billion as of December 31, 2007.
Robert Tabas, chairman and CEO of Royal Bancshares of Pennsylvania, said: The year end loss our company is reporting today is a great disappointment to me and the entire Royal team. It is uncharacteristic of our company and unacceptable to management.
We welcomed 2009 with new leadership and vision and early signs reveal that our strategic plan for righting our ship and ultimately growing our business has been well received. We look forward to continuing our conversation on our plan for 2009 with our shareholders who have been receptive to the changes we have implemented and our vision for Royal’s future.
