An ownership group led by Royal Asian Bank president and CEO Edward Shin has entered into an agreement to acquire the bank from its parent Royal Bancshares of Pennsylvania.
In late December 2009, Shin made his first attempt to acquire the ownership of the bank, but failed as he was unable to raise sufficient capital or ensure all regulatory approvals would be obtained.
Royal Bancshares of Pennsylvania president and COO James McSwiggan is also part of the group.
“Our pending acquisition of Royal Asian Bank will enable us to further our mission to provide innovative banking and financing solutions in a highly personalized customer service environment to meet the specific needs of the Asian-American community in general, and the Korean-American community in particular,” Shin said.
Launched in 2004, Royal Asian Bank provides banking products and services to businesses and consumers in the Korean-American communities of Southeastern Pennsylvania, Northern New Jersey and Flushing, New York.