Royal Bancshares of Pennsylvania Inc., of Narberth, said it completed the sale of subsidiary Royal Asian Bank for $12.3 million to an investor group led by Edward Shin, the president and chief executive of Royal Asian.
Royal Asian, founded in 2004 and based in Philadelphia, has six offices and $87 million in assets. The bank operates in Southeastern Pennsylvania, Northern New Jersey, and Flushing, N.Y.
The stock of Royal Bancshares climbed 7 cents, or nearly 5 percent, after the announcement to reach $1.39 on Nasdaq. - Harold Brubaker