Royal Bancshares of Pennsylvania in Narberth has agreed to purchase a branch in Delaware County, Pa., from First CornerStone Bank.
The $720.5 million-asset Royal will buy the Media, Pa., branch office along with $39.3 million in customer deposits and $6.2 million in loans associated with the branch. Royal will also acquire an additional $3.8 million of loans from First CornerStone.
Financial terms were not disclosed. The deal is expected to close at the end of the third quarter.
The deal expands Royal's presence in Delaware County, which the company has stated is a goal. The holding company currently operates one branch of its Royal Bank America in the county, in Villanova.
The sale will help the $115 million-asset First CornerStone in King of Prussia, Pa., meet balance sheet targets and "align our growth with the continuing changes in customers' habits and delivery systems," Robert Jara, chief executive, said in a news release.
Stevens & Lee was legal counsel to Royal. Fox Rothschild was counsel to First CornerStone.