Royal Bancshares of Pennsylvania Inc. said Thursday that it has finally sold Royal Asian Bank.

A group led by Edward Shin, the bank's president and chief executive, for about $12.3 million, according to a press release. Royal Asian Bank, which caters to Korean-American communities in Pennsylvania, New Jersey and New York, has87 million in assets and $74.1 million in deposits

This was Shin's second attempt to buy the bank from the Narberth, Pa., parent company. A year earlier, the parties called off a deal after Shin and his group were unable to raise enough capital.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.