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Royal Financial Establishes $4MM Credit Line with The PrivateBank

November 14, 2014, 07:29 AM
Filed Under: Banking

Royal Financial, Inc. announced it has established a revolving line of credit of $4 million with The PrivateBank, a commercial bank that is headquartered in Chicago, Illinois. 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."

Royal Savings Bank offers a range of checking and savings products and a full line of home and commercial lending solutions. Royal Savings Bank has been operating continuously in the south and southeast communities of Chicago since 1887, and currently has three branches in Chicago with lending centers in Homewood and St. Charles, Illinois.

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