CHICAGO, Aug. 22, 2019 (GLOBE NEWSWIRE) — Royal Financial, Inc. (“Royal”) (OTCQX: RYFL), announced today that its Board of Directors authorized a stock repurchase program for up to 76,849 shares of its outstanding common stock, which is approximately 3% of its 2,561,651 outstanding shares.
“The share repurchase program reflects our confidence in the strength of our business, demonstrates our continued commitment to delivering value to our shareholders, and expands our mechanisms for capital management,” said Jim Fitch, Chairman of the Board of Directors.
Repurchases may be made from time to time on the open market or through privately negotiated transactions in such amounts as management deems appropriate, subject to market conditions, regulatory requirements, and other factors. The program does not obligate Royal to make any purchases, has no time limit, and may be suspended or discontinued at any time. Any shares acquired will be available for general corporate purposes. Royal expects to fund purchases from existing cash resources.
About Royal Financial, Inc.
Royal Financial, Inc. is a bank holding company serving the Chicago area market through its banking subsidiary Royal Savings Bank. Royal Bank is a federally-insured financial institution that offers a range of checking and savings products and a full line of home and commercial lending solutions. Royal Bank has been operating continuously in Chicago since 1887, and currently has nine bank branches in Chicagoland and two business production offices in Homewood and St. Charles, Illinois. Visit Royal Financial, Inc. and Royal Bank at: www.royalbankweb.com. Royal Financials stock is traded on OTCQX under the symbol RYFL.
Forward Looking Statements: This press release may include forward-looking statements. These forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies, and expectations, can generally be identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s respective ability to predict results or the actual effect of future plans or strategies is inherently uncertain and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to: changes in interest rates; the economic health of the local real estate market; general economic conditions; continued credit deterioration in the loan portfolio that would cause Royal Bank to further increase the allowance for loan losses; legislative/regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of the loan and securities portfolios; demand for loan products in the Company’s market areas; deposit flows; competition; demand for financial services in the Company’s market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Contact: Leonard Szwajkowski
President and CEO
Royal Financial, Inc.
Telephone: (773) 382-2111