Royal Bancshares of Pennsylvania Inc. in Narbeth said Friday that Wayne Huey Jr. was elected to its board.
Huey was placed on the $900.4 million-asset company's board by the Treasury Department under a provision of the Troubled Asset Relief Program. In February 2009, the company sold the Treasury more than 30,000 shares of preferred stock and a warrant to buy more than 1.1 million shares of common stock for $30.4 million.
Under the agreement, the Treasury had the right to appoint up to two directors to the company's board if Royal did not pay dividends on the stock for six quarters. The Treasury had already appointed Gerard M. Thomchick to the board in July 2011. At that time, Royal Bancshares owed $3 million in dividends and payments.
Huey will also serve as a director for unit Royal Bank America.
