Royal Bancshares wraps $5.76 million of $13.99 million stock offering

Investors include Emerald Advisers; class A common stock sold at $1.20

By Devika Patel

Knoxville, Tenn., March 11 - Royal Bancshares of Pennsylvania, Inc. raised $5.76 million in a placement of stock on March 10, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal will raise up to $13.99 million.

The company is selling 11,656,666 class A common shares at $1.20 per share, a 58.62% discount to the closing share price of $2.90 on March 7. It sold 4.8 million shares in the first tranche, and Emerald Advisers, Inc. bought 2.4 million of those shares.

The bank holding company is based in Narberth, Pa.

Issuer:	Royal Bancshares of Pennsylvania, Inc.
Issue:	Common stock
Amount:	$13,987,999
Shares:	11,656,666
Price:	$1.20
Warrants:	No
Investor:	Emerald Advisers, Inc. (for $2.88 million)
Pricing date:	March 10 (for $5.76 million)
Stock symbol:	Nasdaq: RBPAA
Stock price:	$2.90 at close March 7
Market capitalization:	$38.58 million

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