CHICAGO, April 21, 2017 (GLOBE NEWSWIRE) -- Royal Financial, Inc. (the “Company”) (OTCQX:RYFL), the bank holding company for Royal Savings Bank (the “Bank”), announces that William M. Morfoot, age 48, was appointed Senior Vice President and Chief Financial Officer of the Company and Bank on April 19, 2017. Mr. Morfoot is a Certified Public Accountant (CPA) with extensive experience in public accounting and banking.
From July 2014 to April 2017, Mr. Morfoot served as Senior Vice President and Chief Accounting Officer for Standard Bank and Trust Company in Hickory Hills, IL. From 2010 to 2014, he served as Senior Vice President, Chief Accounting Officer, and Treasurer of Urban Partnership Bank in Chicago, IL. Previously, from 2007 to 2010, Mr. Morfoot served as Senior Vice President and Chief Financial Officer of ShoreBank in Chicago, IL. Prior to joining ShoreBank, he was an Executive at Crowe Horwath, LLP (“Crowe”), an international public accounting, consulting and technology firm in Oak Brook, IL, where he specialized in bank audits and led several projects, including due diligence for mergers and acquisitions and implementation of internal controls.
“We are excited that Mr. Morfoot has joined our senior leadership team,” said Jim Fitch, Chairman of the Board. “Royal has significantly enhanced staff capabilities to achieve our plans for continued growth by organic means and mergers & acquisitions, and Bill’s demonstrated expertise and extensive experience in a variety of companies in the markets we serve further augment our ability to execute. We continue to seek merger and acquisition opportunities, especially with Chicagoland banking companies in the $75 million to $400 million range, in our drive to improve shareholder value.”
When the Company’s and Bank’s previous CFO resigned on December 30, 2016, President and Chief Executive Officer (CEO) Leonard Szwajkowski assumed added temporary duties as Interim CFO. With Mr. Morfoot’s appointment, Mr. Szwajkowski resumes full-time service as the Company’s and Bank’s President and CEO.
About Royal Financial, Inc.
Royal Savings Bank is a federally-insured financial institution that offers a range of checking and savings products and a full line of home and commercial lending solutions. Royal Savings Bank has been operating continuously since 1887, and currently has seven branches in Chicagoland and lending centers in Homewood and St. Charles, Illinois. Visit Royal Financial, Inc., and Royal Savings Bank at: www.royalbankweb.com.
Forward Looking Statements: This press release may include forward-looking statements. These forward-looking statements, which are based on certain assumptions and describe our future plans, strategies, and expectations, can generally be identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on the operations and future prospects of the Company and the Bank include, but are not limited to: changes in interest rates; the economic health of the local real estate market; general economic conditions; continued credit deterioration in our loan portfolio that would cause us to further increase our allowance for loan losses; legislative/regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of the loan and securities portfolios; demand for loan products in our market areas; deposit flows; competition; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements.
Contact: Mr. Leonard Szwajkowski
President and CEO
Royal Financial, Inc.
Telephone: (773) 382-2111
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