CHICAGO, March 22, 2011 /PRNewswire/ -- Royal Financial, Inc. (OTC Bulletin Board: RYFL) (the "Company"), the holding company of Royal Savings Bank (the "Bank"), today announced that Dr. Rodolfo Serna notified the Company of his decision to retire, effective March 31, 2011, as a director of the Company and the Bank. Dr. Serna is a Class I director whose term expires in 2011. "The Board and management wish to extend our sincere gratitude and appreciation to Dr. Serna for his many years of loyal leadership and service to the Company and the Bank, its stockholders, customers, employees and the communities we serve," said James A. Fitch, Jr., Chairman of the Company and the Bank.
The Company also announced that, effective April 1, 2011, Philip J. Timyan will be appointed to the Board of Directors of the Company and the Bank to fill the vacancy created by the retirement of Dr. Serna. Mr. Timyan will be a Class I director with a term expiring at the Company's 2011 annual stockholders meeting. Mr. Timyan, age 53, of Western Springs, Illinois, was an independent managing member of Riggs Qualified Partners, LLC, a bank investment fund. He is also a current significant stockholder of the Company, owning approximately 9.1% of the Company's outstanding common stock. "We are delighted and honored that Phil has agreed to join our boards. His experience in bank fund management and previously as a bank director will be extremely valuable as we continue to rebuild the Company's value in this challenging economic and banking environment," said Mr. Fitch.
Royal Financial, Inc. is the holding company for Royal Savings Bank which offers a range of checking and savings products, a full line of home loans, and commercial lending solutions. Royal Savings Bank has been operating continuously in the south and southeast communities of Chicago since 1887 and has two locations in southeast Chicago.
Contact: Mr. James A. Fitch, Jr. Chairman of the Board Telephone: (941) 962-6700
SOURCE Royal Financial, Inc.