News Column

ROYAL BANCSHARES OF PENNSYLVANIA INC FILES (8-K) Disclosing Other Events

August 13, 2014



Item 8.01 Other Events.

The shareholder rights offering conducted by Royal Bancshares of Pennsylvania, Inc. ("Royal") for shares of its Class A common stock concluded on August 8, 2014. In connection with the basic subscription portion of the offering, Royal shareholders subscribed for a total of 2,751,760 shares, and each shareholder who submitted a subscription for shares in that phase of the offering received all of the shares for which such shareholder subscribed. In the oversubscription phase of the offering, subscriptions for a total of 10,512,459 shares were received for the remaining 2,248,240 shares available. Accordingly, the remaining shares were prorated among such subscriptions based on the procedure described in the prospectus, and each shareholder received approximately 21.4% of the shares for which such shareholder subscribed in the oversubscription phase of the offering.

Royal will issue approximately 5,000,000 shares of its Class A common stock in connection with the offering and will receive gross proceeds from the offering of approximately $6,000,000. Royal is pleased with the results of the shareholder rights offering.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Edgar Glimpses


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters