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Royal Bank

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NEWS
September 14, 2003 | By Gayle Ronan Sims INQUIRER STAFF WRITER
Daniel M. Tabas, 80, the chairman of Royal Bank who appeared on billboards in a cowboy hat as the "Loan Ranger," died Friday at Thomas Jefferson University Hospital. Mr. Tabas, an imposing man with a strong, steady voice, was the image of his Russian immigrant father, Samuel - sturdy, tenacious and driven, with a work ethic as formidable as the structural steel with which he erected buildings. His rags-to-riches story began in Atlantic City, where he lived with his parents and a brother, Charles, until his mother's death in 1936.
BUSINESS
June 4, 1991 | By Andrea Knox, Inquirer Staff Writer
The entrepreneur had what Royal Bank thought was an unique idea - one the bank thought might someday pay off big in the form of a public offering or buyout. So when the Narberth bank began lending the company money, Royal insisted on a kicker: If the company struck pay dirt and wanted to terminate the lending relationship, Royal would be entitled to a reward for its early support. Yesterday, Royal announced that it had cashed in on the deal. The bank will receive a one-time loan-termination fee of $10.8 million.
BUSINESS
June 21, 1988 | By Janet L. Fix, Inquirer Staff Writer
In banking, most of the Philadelphia area's big fish have been swallowed in recent years by mergers with banks from Pittsburgh, Reading and even Newark, N.J. But while the big banks have been getting bigger - including CoreStates Financial Corp., the largest banking company still based in the city - smaller banks and savings institutions have found there is still plenty of room to maneuver. And quite profitably, thank you. Atop a profitability ranking of publicly held bank and thrift companies based in the eight-county area are seven relatively small institutions, none of which had more than $530 million in assets at year-end 1987.
BUSINESS
June 21, 2011 | By Joseph N. DiStefano, Inquirer Staff Writer
PNC Financial Services Group , the biggest bank in Pennsylvania, plans to cement its position as the fifth-largest U.S. bank by purchasing Royal Bank of Canada's 424 RBC bank branches from Virginia to Alabama. PNC picks up RBC's $25 billion in loans and investments for a relatively modest premium of $3.45 billion, over the next two years. PNC plans to cut $230 million in yearly operating expenses, laying off thousands. "The branches are primarily located in semi-rural and suburban locations, which fits well with PNC's current strategy of being a big player in small towns," FBR Capital Markets analyst Paul Miller Jr. , a former Federal Reserve Bank of Philadelphia examiner, told clients in a report.
BUSINESS
November 3, 2013 | By Joseph N. DiStefano and David Sell, Inquirer Staff Writers
The Royal Bank of Scotland (RBS), which was bailed out and is still owned mostly by British taxpayers, said Friday it would "accelerate" the sale of its U.S. banking subsidiary, which includes Citizens Bank of Pennsylvania. Citizens has 159 branches in Philadelphia and its four suburban Pennsylvania counties, more than any other bank in the region. RBS said in a statement that it was planning a "partial initial public offering" of Citizens Financial Group for 2014 and "intends to fully divest the business by the end of 2016.
BUSINESS
January 20, 1995 | By Andrew Cassel, INQUIRER STAFF WRITER
Royal Bank of Pennsylvania plans to buy Knoblauch State Bank, ending 2 1/2 years of state control over the small bank in Reading and Philadelphia. Royal officials said they agreed to pay $8.5 million for Knoblauch, which includes the former Marian Bank, in the Northern Liberties section of Philadelphia. The agreement could finish a long and noisy battle that began in April 1992, after Pennsylvania regulators seized the last two non-federally insured banks in the commonwealth.
BUSINESS
September 20, 1994 | By Andrew Cassel, INQUIRER STAFF WRITER
One of the longest-running family feuds in Philadelphia banking may be nearing a climax. Narberth-based Royal Bank of Pennsylvania said last week that it had bought just over 8 percent of Old York Road Bancorp Inc., the Willow Grove-based bank holding company whose controlling family has been fighting for years over the 42-year-old institution's management and direction. The purchase could indicate that a friendly merger is in the offing for the two banks, which have long-standing ties.
NEWS
May 26, 1990 | By Michael B. Coakley, Inquirer Staff Writer
Perch Hankin, a founding member of the Hankin Family Partnership whose landholdings and legal squabbles were legion, died Thursday at the Hospital of the University of Pennsylvania. He was 72 and resided in North Wales. The children of Russian immigrants, Mr. Hankin, his brothers Moe, Max and Samuel, and his sister, Pauline, shook hands all around, pooled their money and began acquiring suburban property around 1940. They started with a farm in Horsham Township. A few decades later, the holdings of what came to be known as the Hankin Family Partnership included several George Washington motor lodges, several Howard Johnson hotels, the old Willow Grove Amusement Park, the Valley Forge Golf Course and Hidden Springs Golf Club.
BUSINESS
November 19, 2011 | By Harold Brubaker, Inquirer Staff Writer
Citizens Bank of Pennsylvania is closing nine branches in the Philadelphia region, consisting of seven in Southeastern Pennsylvania, one in South Jersey, and one in northern Delaware, a spokeswoman said Friday. The bank, which is part of Citizens Financial Group, based in Rhode Island, had 173 branches in the eight-county Philadelphia region at the end of June, the second largest number behind Wells Fargo's 187. Spokeswoman Sylvia Bronner said the closures were part of a regular process of assessing how the bank can best serve its customers economically.
BUSINESS
July 31, 2013 | By Harold Brubaker, Inquirer Staff Writer
Philadelphia has joined the ranks of municipalities suing some of the world's biggest banks for losses caused by the alleged manipulation of a benchmark interest rate during and after the financial crisis. The lawsuit, filed Friday in federal court in Philadelphia, does not specify damages, but it disclosed that the city paid $109.6 million in recent years to end financial contracts with the banks that were designed to cut borrowing costs but backfired when interest rates fell instead of rising as expected.
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NEWS
June 2, 2015 | Inquirer Editorial Board
When a self-described cabal repeatedly engages in what the attorney general calls "brazenly illegal behavior" and pleads guilty to criminal acts, it is reasonable to expect its members will get some jail time. But not in the paradoxical world ruled by mega banks and paralyzed by fears that being too harsh with banks deemed too big to fail might implode the economy. Consequently, JPMorgan Chase, Barclays, Citigroup, and the Royal Bank of Scotland, which recently pleaded guilty to conspiring to manipulate international currency markets, will collectively pay only $5.7 billion in state, federal and foreign fines for a scam that ran six years and netted them $85 billion.
BUSINESS
April 2, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
Shares of Citizens Financial Group , the $128 billion Rhode Island-based company that owns Citizens Bank of Pennsylvania and naming rights to the Phillies' stadium, are up 13 percent since an initial public offering on the New York Stock Exchange in September. That beats the KBW Index of big-bank stocks, which has been flat during the same period, as low interest rates have squeezed bank profits. Citizens sold more shares last week, raising more than $3 billion for its past owner, Royal Bank of Scotland , which plans to sell its remaining stock by next year.
BUSINESS
January 24, 2015 | By Erin Arvedlund, Inquirer Staff Writer
City Councilman James Kenney on Thursday introduced a bill to ban Philadelphia from depositing funds in two international banks, Bank of America and Citigroup. The bill would amend a portion of the Philadelphia Code titled "City Funds - Deposits, Investments, Disbursements" and would cut ties with the two banks as deposit institutions. "Based on what these banks have done with swaps and misleading investors, why should we have any city deposits there?" he asked. "We shouldn't be doing business with our financial enemies.
BUSINESS
September 26, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Bruce Van Saun , tapped to head Citizens Financial Group and its 1,200 Citizens Bank and Charter One bank branches as it is spun off by Royal Bank of Scotland , Wednesday ended months of silence - imposed by Securities and Exchange Commission share-sale rules - to talk about Citizens' prospects after its initial public offering Tuesday. Citizens shares priced at $21.50, below its target of up to $24. Shares rose 7 percent in first-day trading Wednesday, to close at $23.58, enriching the Wall Street brokers who managed the sale.
BUSINESS
September 23, 2014 | By Erin E. Arvedlund, Inquirer Columnist
If you read the fine print in your mortgage, student-loan documents, or credit-card statements, you may discover you're paying an obscure interest rate on your borrowing. And you may be owed some money. Students, homeowners, mortgagees, and bond investors are accusing a slew of banks of rigging their interest rate, known as the London Interbank Offered Rate, or LIBOR. In lawsuits, they allege a global conspiracy to manipulate LIBOR. Some of their cases, and their lawyers, are from the Philadelphia area.
BUSINESS
September 23, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
The British owners of Citizens Bank , best known to East Coast travelers for paying the Phillies around $4 million a year to use the team's I-95 stadium as a billboard, hope to raise $4 billion from investors in the pumped-up U.S. stock market through an initial public stock offering (IPO) this fall. The bank, one of the 20 biggest in the U.S., is run by New Jersey native Bruce Van Saun , who told me when he got the top job last year, before Securities and Exchange Commission IPO rules forced him into a "quiet period," that he was eager to hire more lenders and win more customers.
BUSINESS
November 3, 2013 | By Joseph N. DiStefano and David Sell, Inquirer Staff Writers
The Royal Bank of Scotland (RBS), which was bailed out and is still owned mostly by British taxpayers, said Friday it would "accelerate" the sale of its U.S. banking subsidiary, which includes Citizens Bank of Pennsylvania. Citizens has 159 branches in Philadelphia and its four suburban Pennsylvania counties, more than any other bank in the region. RBS said in a statement that it was planning a "partial initial public offering" of Citizens Financial Group for 2014 and "intends to fully divest the business by the end of 2016.
BUSINESS
October 16, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
The Sunday Times of London stirred bank-watchers across Britain when it reported that Canada-based TD Bank was thinking about making a $13 billion offer to buy Citizens Bank of Pennsylvania , owned by Royal Bank of Scotland (RBS) . The story, quickly picked up by Reuters and other media, wasn't sourced to anyone in particular, making it read like the kind of trial balloon that fee-hungry London and New York investment bankers like to float in the hope they can get other potential buyers interested.
BUSINESS
July 31, 2013 | By Harold Brubaker, Inquirer Staff Writer
Philadelphia has joined the ranks of municipalities suing some of the world's biggest banks for losses caused by the alleged manipulation of a benchmark interest rate during and after the financial crisis. The lawsuit, filed Friday in federal court in Philadelphia, does not specify damages, but it disclosed that the city paid $109.6 million in recent years to end financial contracts with the banks that were designed to cut borrowing costs but backfired when interest rates fell instead of rising as expected.
BUSINESS
May 4, 2013
In the Region RBS cleanup continues Royal Bank of Scotland , the parent company of Citizens Bank , predicted Friday that the British government should be able to start selling its stake within a year as it reported a first-quarter profit of $611 million, up from a loss of $2.34 billion a year earlier. CEO Stephen Hester said cleanup of the troubled bank, which is 81 percent owned by British taxpayers after it was rescued by the government in 2008, would be largely complete by the middle of 2014.
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