Royal Financial to boost Chicago-area operations with branch deal
Royal Financial in Chicago has agreed to buy two branches in Illinois from North Shore Bank in Brookfield, Wis.
The $403 million-asset Royal said in a press release Monday that it will gain $42 million in deposits and substantially all of the fixed assets tied to branches in the Chicago suburbs of McHenry and Lake of the Hills. The deal is expected to close in the first quarter.
The acquisition will allow Royal to increase its market share around Chicago “providing additional retail deposit funds for reinvestment and growth of our balance sheet,” Leonard Szwajkowski, Royal’s president and CEO, said in the release.
Royal did not disclose the price it will pay, though it said the deal should be immediately accretive to its earnings and tangible book value.
Royal was advised by Howard & Howard and RP Financial. North Shore was advised by Reinhart Boerner Van Deuren and Olsen Palmer.