Royal Bancshares of Pennsylvania, Inc. Announces Appointment of Two Directors
May 20 2010 - 4:45PM
Marketwired
Royal Bancshares of Pennsylvania, Inc. (NASDAQ: RBPAA) ("Royal"),
parent company of Royal Bank America and Royal Asian Bank,
announced today that Michael J. Piracci and Jay H. Shah have been
appointed to its board of directors.
Mr. Piracci worked for the Federal Deposit Insurance Corporation
(FDIC) for 35 years, having started with the nation's largest
examiner and supervisor of banks in 1967. Piracci steadily rose
through the organization to the position of Assistant Regional
Director where he spent the 17 years prior to his retirement in
2004 with responsibility for financial institutions in New Jersey,
Pennsylvania, Maryland, Delaware, the District of Columbia and
Puerto Rico as well as administration for the New York Region.
"The highly-specialized knowledge and experience Mike brings to
the board could not come at a more valuable time as we, like all
financial institutions, find ourselves in an ever increasingly
regulated environment," noted Robert R. Tabas, Chairman and CEO of
Royal Bancshares of Pennsylvania, Inc. "His guidance and expertise
will benefit us as we continue to foster productive relationships
with our regulators and satisfactorily navigate regulatory
matters."
Mr. Shah is CEO and member of the Board of Trustees of Hersha
Hospitality Trust (NYSE: HT), a self-advised real estate investment
trust which owns interests in 76 hotels, totaling 9,838 rooms in
upscale, mid-scale and extended stay hotels primarily along the
Northeast Corridor from Boston to Washington, DC.
"Jay's first-hand experience as the CEO of a public company, as
well as his extensive expertise in business and real estate
management, make him a valuable addition to our Board," noted Mr.
Tabas.
Prior to joining the Hersha organization, Shah's varied career
experience included time spent as principal in the law firm of Shah
& Byler, LLP, a consultant with Coopers & Lybrand LLP, a
legislative assistant to the late Senator John Heinz and in the
Philadelphia District Attorney's Office. In 2007, Shah was selected
as one of the Philadelphia Business Journal's "40 Under 40," which
recognizes the impact of young professionals in the Philadelphia
region.
The appointments of Mr. Piracci and Mr. Shah bring the total
number of directors of Royal Bancshares of Pennsylvania, Inc. to
12, the majority of whom are independent directors.
About Royal Bancshares of Pennsylvania, Inc.
Royal Bancshares of Pennsylvania, Inc., headquartered in
Narberth, Pennsylvania, is a two-bank holding company operating the
Royal Bank America and Royal Asian Bank brands throughout
Pennsylvania, New Jersey and New York. For the past 40+ years,
Royal has played a lead role in the growth and development of our
region, empowering small businesses, entrepreneurs and individuals
to achieve their financial goals and enrich our communities. More
information on Royal Bancshares of Pennsylvania, our banks and
subsidiaries is available at www.royalbankamerica.com.
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Contact information: Marc Sanders Royal Bank America Director of
Marketing 610.668.4700 Email Contact
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