Royal Financial closes on PNA Bank acquisition

CHICAGO - Royal Financial, parent company of Royal Savings Bank, received regulatory approvals for its planned acquisition and merger of PNA Bank into Royal Savings Bank and will close on the transaction Sept. 30.

The combined assets are expected to be $212 million. PNA Bank's two banking centers in Chicago and Niles 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 Feb. 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 Savings Bank has been operating in the south and southeast communities of Chicago since 1887 and currently has four branches in the Chicago area and lending centers in Homewood and St. Charles.