Royal expects to close the transaction on September 30, 2015. After closing, the combined assets are expected to be $212 million. PNA Bank’s two banking centers (in Chicago and Niles, Illinois) 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.
"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," said Leonard Szwajkowski, Royal’s President and CEO. "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."
Royal has scheduled its annual meeting for Tuesday, January 26, 2016 at 1:00 PM (Chicago time) with a record date of November 27, 2015.
Royal Savings Bank offers a range of checking and savings products and a full line of home and commercial lending solutions. 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.
