SOURCE: Royal Bancshares of Pennsylvania
NARBERTH, PA--(Marketwire - Jun 25, 2012) - Royal Bank America, the primary banking subsidiary of Royal Bancshares of Pennsylvania, Inc. (NASDAQ: RBPAA) has announced the selection of Chartwell Partners, with offices in Dallas, TX, Philadelphia, PA and McLean, VA, to conduct a nationwide search for its next Chief Executive Officer.
As part of a comprehensive succession plan announced in early April 2012, a subcommittee of Royal's Board of Directors, led by Lead Independent Director William R. Hartman, was formed to interview executive search firms. Eight firms in all were vetted, including national and local contenders, to identify a candidate to replace current CEO Robert R. Tabas who will retire from day-to-day management by the end of 2012. Mr. Tabas will continue as Chairman of Royal's Board of Directors.
Mr. Hartman commented, "After an extensive due diligence and interviewing process, Chartwell Partners was selected due in large part to their strong financial services practice. Our board has now tasked them with identifying a pool of top-notch candidates who possess proven leadership abilities and experience in growing a community bank."
Chartwell Partners was founded in 2005 by former partners from the "Big 4" executive search firms, which includes Spencer Stuart and Heidrick & Struggles. A boutique search firm, Chartwell Partners has extensive C-level search experience on behalf of community banks across the country.
About Royal Bancshares of Pennsylvania, Inc.
Royal Bancshares of Pennsylvania, Inc., headquartered in Narberth, Pennsylvania, is the parent company of Royal Bank America, which for the past nearly 50 years has played a lead role in the growth and development of our region by empowering small businesses, entrepreneurs and individuals to achieve their financial goals and enrich our communities. More information on Royal Bancshares of Pennsylvania, Inc., Royal Bank America and its subsidiaries can be found at www.royalbankamerica.com.
Forward Looking Statements
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to a number of uncertainties, and actual results could differ materially; therefore, readers should not place undue reliance on any forward-looking statements. Royal Bancshares of Pennsylvania, Inc. does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. For a discussion of the factors that could cause actual results to differ from the results discussed in any such forward-looking statements, see the filings made by Royal Bancshares of Pennsylvania, Inc. with the Securities and Exchange Commission, including its Annual Report -- Form 10-K for the year ended December 31, 2011.