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RBPAA > SEC Filings for RBPAA > Form 8-K on 30-Jul-2013All Recent SEC Filings

Show all filings for ROYAL BANCSHARES OF PENNSYLVANIA INC

Form 8-K for ROYAL BANCSHARES OF PENNSYLVANIA INC


30-Jul-2013

Other Events


Item 8.01. Other Events.

On July 23, 2013, the Board of Governors of the Federal Reserve System announced the termination of the enforcement action relating to Royal Bancshares of Pennsylvania, Inc. (the "Company") under the written agreement, dated March 17, 2010, between the Federal Reserve Bank of Philadelphia (the "Reserve Bank") and the Company, effective July 17, 2013.

The formal written agreement was replaced with an informal agreement known as a Memorandum of Understanding (the "MOU") with the Reserve Bank, effective July 17, 2013. Included in the MOU are certain continued reporting requirements and a requirement that the Company receive the prior approval of the Reserve Bank prior to declaring or paying any dividends on the Company's common stock, making interest payments related to the Company's outstanding trust preferred securities or subordinate securities, incurring or guaranteeing certain debt with an original maturity date greater than one year, and purchasing or redeeming any shares of stock. The MOU will remain in effect until stayed, modified, terminated or suspended in writing by the Reserve Bank.

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