Royal Bancorp of Pennsylvania Narberth, PA

This is Robert Tabas, the CEO, he took $30MM of tax payer money which he can’t pay back

Robert hasn’t even paid interst on these funds since 2/09, he has only made one interest payment

Robert has lost a $103MM for the bank over the last 3 years, who is going to pay back $30MM?  He can’t

Robert makes $373k to run this place into the ground

Royal Bancorp of Pennsylvania Narbeth, PA was founded in 1963.  The company took $30MM in tax payer bailout, funding which it has decided not to pay back.  As a matter of fact, they haven’t paid interest on these funds since 2/09, they took the bailout money and only made one interest payment.  Not a bad deal, does that mean their customers don’t have to pay interest to them.  The Texas ratio is 99%.  The one thing royal about this bancorp is that they are royally screwed.

The company has loans of $988M with $80MM in supposed equity.

The problem loan portfolio consists of $9MM in loans 30-90 days past due, with $65MM on non accraul and $32MM of OREO.

The government bailout funds are actually debt not equity, these funds need to be paid back, though they have made not effort to do so.  The actual equity position is probably$50MM.  That is $50MM supporting $74MM in bad loans!

This bank is probably technically insolvent,  why are they not on the problem bank list?

Net income was ($26MM) in FY10, ($39MM) in FY09 and ($38MM) in FY08.

Based on the recent financial performance, how do they plan on paying the tax payer back the $30MM?  Then again, they can’t even pay the dividends!

Rest assured, the executive compensation wasn’t impacted, despite the fact they wiped out $100MM in earnings.

Robert Tabias     made $373K

James McSwiggin   made $642K

Murray Stempal made $324K

Not bad pay, yet wait, they can’t even pay interest on the bailout funds?

Sounds like the tax payer is getting royally screwed.


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