The PrivateBank Provides Royal Financial Credit Line
Royal Financial announced that it has established a revolving line of credit of $4 million with The PrivateBank. The line of credit is secured by a pledge of the bank’s common stock and can be utilized for a variety of general business purposes, including organic growth, mergers and acquisitions, and share repurchases.
“We are pleased to have secured this source of additional liquidity which we announced in our first quarter earnings release on October 28th,” said Leonard Szwajkowski, president and chief executive officer. “We welcome the flexibility that it gives us for business operations and to execute strategic initiatives to improve shareholder value.”