F. Kevin Tylus Joins Royal Bank America as President and Chief Executive Officer
18 Dicembre 2012 - 10:10PM
Marketwired
Royal Bancshares of Pennsylvania, Inc. (NASDAQ: RBPAA) today
announced that F. Kevin Tylus has been named president, chief
executive officer and a director of the bank, effective
immediately. He will report directly to the board of directors.
Today's announcement completes a management transition plan that
was first announced by Royal in April 2012. Robert R. Tabas, who
has served as chief executive officer since 2009, will retire from
day-to-day management of the bank and holding company, but will
remain as chairman of the board of directors.
Mr. Tylus was president of Yardville National Bank from 2004 to
2007, and served on the company's board of directors from 1991 to
2004, continuing as a non-independent director through 2007. During
his tenure as president, Yardville expanded its footprint to 35
branches in New Jersey and Bucks County, PA, grew to $3 billion in
assets, while market capitalization nearly doubled from its 2002
public stock offering. He also brings extensive capital markets
experience, having worked with investment bankers and investors on
a range of successful capital raising initiatives. He also was
responsible for establishing an enterprise risk management culture,
satisfying regulatory requirements and expanding customer-facing
and internal technology capabilities. Mr. Tylus chaired several
Board committees during his tenure as an independent director
including the Strategic Planning Committee.
After the sale of Yardville, Mr. Tylus remained with PNC as
regional president of its newly-created Central New Jersey region,
which represented 120 branches. Under his leadership, the region
grew as a result of cross-selling initiatives and brand expansion.
Prior to joining Yardville, Tylus held progressively-responsible
leadership positions in the financial services, insurance, and
healthcare industries. Early in his career, Mr. Tylus was a
management consultant with Touche Ross (now Deloitte Consulting)
where he became a Partner. He received his bachelor's degree from
Gettysburg College in Gettysburg, Pa., where he serves as a Trustee
and earned an MBA in finance from La Salle College in Philadelphia,
Pa. He is a past member of the Franklin & Marshall College
Leadership Council, the Chair of The Hun School of Princeton Board
of Trustees and a leader for various community organizations.
Robert Tabas, chairman of the board of Royal, stated, "Kevin
Tylus' banking experience is the perfect fit for Royal as we
complete our management succession. He brings a combination of
community bank and large bank experience, and a history of
repositioning and growing businesses in challenging industries
while building cohesive management teams and organizations. He
added significant shareholder value for Yardville's stockholders by
helping to lead the bank's transformation from a family-owned
community bank to a larger, more sophisticated and successful
organization. We believe that his appointment as president and
chief executive officer is a positive next step for Royal, and will
benefit our shareholders, customers, employees and the community we
serve."
Kevin Tylus added, "Royal Bank has a strong market presence in
some of the most attractive markets in the greater Philadelphia
area. Robert Tabas and the Royal team have carefully managed the
bank through the downturn, and as a result, Royal has emerged with
improved regulatory relationships, sound risk management practices,
increased capital ratios, and an intense focus on meeting the
banking needs of small-to-medium-sized businesses and consumers.
This is an unprecedented opportunity for me to work with the entire
Royal team to drive the next wave of growth for the bank."
Robert Tabas added, "This announcement represents the
culmination of the process we launched earlier this year to
transition Royal's management to an independent professional bank
management team. For the first time since my father Daniel acquired
the bank in 1980, there are now no members of the Tabas family
involved in day-to-day bank management. However, as Royal's largest
shareholders, we are encouraged by the future direction of the
bank, and we believe Kevin Tylus's leadership will ultimately
increase shareholder value. We remain supportive of the bank as
shareholders, and I look forward to supporting Kevin as CEO in my
role as chairman of the board of directors."
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.
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Company Contact: Marc Sanders Vice President - Marketing
Royal Bank America Office: 610-668-4700
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