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Sale of Royal Asian Bank finalized

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 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