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A federal bankruptcy court has approved the sale of PNA Bank in Chicago.
December 23 -
Royal Financial in Chicago has agreed to buy PNA Bank in Chicago.
November 14 -
Royal Financial (RYFL) in Chicago has received permission from the Federal Reserve to withdraw an April 2010 board resolution that banned the company from paying dividends, increasing debt or redeeming stock without regulatory approval.
March 7
Royal Financial in Chicago has agreed to sell $29.1 million in distressed assets, a deal mandated by a bankruptcy judge as part of the company's acquisition of PNA Bank.
Royal agreed to sell the assets to a New York asset management firm that it did not identify
Royal did not indicate whether the sale of PNA Bank's $25.5 million in distressed assets has been approved by the federal bankruptcy judge, or whether the judge must still give final approval before the sale can close. Royal said the sale still requires regulatory approval. Leonard Szwajkowski, Royal's chief executive, did not immediately return a call seeking comment.
The $29.1 million sale also includes $3.6 million in distressed and other assets that Royal Financial owns.
FTN Financial Capital Assets was financial adviser to Royal Financial on the sale. Vedder Price was its legal counsel.