FORM 10-K/A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended DECEMBER 31, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the transition period from ___________ to ___________
Commission File Number 0-26366
ROYAL BANCSHARES OF PENNSYLVANIA, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2812193
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
732 Montgomery Avenue, Narberth, Pennsylvania 19072
(Address of principal executive offices)
Registrant's telephone number, including area code (610) 668-4700
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Class A Common Stock ($2.00 par value)
-----------------------------------------
Class B Common Stock ($.10 par value)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [ X ] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contended,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ X ]
The aggregate market value of common shares of the Registrant held by
non-affiliates, based on the closing sale price as of February 28, 1997 was
$42,058,204.
As of February 28, 1997, the Registrant had 6,434,844 and 1,555,363
shares outstanding of Class A and Class B common stock, respectively.
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
FINANCIAL STATEMENTS AND REPORT OF
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ROYAL BANCSHARES OF PENNSYLVANIA, INC.
AND SUBSIDIARIES
December 31, 1996 and 1995
<PAGE>
Report of Independent Certified Public Accountants
Board of Directors
Royal Bancshares of Pennsylvania, Inc. and Subsidiaries
We have audited the accompanying consolidated balance sheets of Royal
Bancshares of Pennsylvania, Inc. and Subsidiaries as of December 31, 1996 and
1995, and the related consolidated statements of income, changes in
stockholders' equity and cash flows for each of the three years in the period
ended December 31, 1996. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the consolidated financial position of Royal
Bancshares of Pennsylvania, Inc. and Subsidiaries at December 31, 1996 and 1995,
and the consolidated results of their operations and their consolidated cash
flows for each of the three years in the period ended December 31, 1996, in
conformity with generally accepted accounting principles.
/s/ Grant Thornton LLP
Philadelphia, Pennsylvania
January 24, 1997
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of l934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
ROYAL BANCSHARES OF PENNSYLVANIA, INC.
<TABLE>
<CAPTION>
DATE TITLE SIGNATURE
---- ----- ---------
<S> <C> <C>
March 26, 1997 /s/ Daniel M. Tabas
___________________________________ Chairman _________________________________________________________
Daniel M. Tabas
March 26, 1997 /s/ Lee E. Tabas
___________________________________ President/CEO/ _________________________________________________________
Director Lee E. Tabas
March 26, 1997 /s/ Joseph P. Campbell
___________________________________ Managing Director/ _________________________________________________________
Director Joseph P. Campbell
March 26, 1997 /s/ James J. McSwiggan
___________________________________ Treasurer/CFO _________________________________________________________
James J. McSwiggan
March 26, 1997 /s/ Albert Ominsky
___________________________________ Director _________________________________________________________
Albert Ominsky
March 26, 1997 /s/ Charles Burhans
___________________________________ Director _________________________________________________________
Charles Burhans
March 26, 1997 /s/ Robert R. Tabas
___________________________________ Senior Vice President/ _________________________________________________________
Director Robert R. Tabas
March 26, 1997 /s/ Charles Willner
___________________________________ Director _________________________________________________________
Charles Willner
March 26, 1997 /s/ Carl Cousins
___________________________________ Director _________________________________________________________
Carl Cousins
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
DATE TITLE SIGNATURE
---- ----- ---------
<S> <C> <C>
___________________________________ Director _________________________________________________________
Howard Wurzak
March 26, 1997 /s/ Katherine Platt
___________________________________ Director _________________________________________________________
Katherine Platt
March 26, 1997 /s/ Edward Tepper
___________________________________ Director _________________________________________________________
Edward Tepper
March 26, 1997 /s/ Jack Loew
___________________________________ Director _________________________________________________________
Jack Loew
March 26, 1997 /s/ Susan Tabas Tepper
___________________________________ Director _________________________________________________________
Susan Tabas Tepper
</TABLE>
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