NARBERTH, PA--(Marketwire - Oct 1, 2012) - The Board of Directors of Royal Bank America ("Royal"), the wholly-owned bank subsidiary of Royal Bancshares of Pennsylvania, Inc. (NASDAQ: RBPAA), announced today the promotion of three individuals to key positions within the organization.
Robert A. Kuehl has been promoted to the newly created position of Chief Administrative Officer. Mr. Kuehl has been Chief Financial Officer for Royal Bank America since 2008. In his new role, Mr. Kuehl will assume responsibility for leadership in several key areas including retail banking, ALCO, deposit operations and strategic planning.
Robert R. Tabas, Chairman and CEO of Royal Bancshares of Pennsylvania, Inc., noted, "Through the creation of this new position our Board has provided a platform for Bob, one of our region's most seasoned bankers and a key member of our leadership team for the past 4 years, to step up and play a larger role in charting the course for our bank."
Prior to joining Royal Bank America, Mr. Kuehl served as Senior Vice President and Chief Financial Officer for Parke Bank in New Jersey. Mr. Kuehl's 31-year banking career has also included experience as Corporate Controller for Huntington Bank in Ohio and as Division Controller for the former money center bank First National Bank of Chicago in Illinois. Mr. Kuehl holds a Juris Doctorate from John Marshall Law School in Chicago, and an MBA in Finance and Economics from the University of Chicago.
Concurrent with Mr. Kuehl's promotion, the bank has announced that Michael S. Thompson will assume the role of Chief Financial Officer. Mr. Thompson currently serves as the bank's Chief Accounting Officer, a role he assumed in 2008 after serving as the bank's Controller since 1999. Michael holds an MBA in Finance from St. Joseph's University.
Tabas noted, "We are excited to promote Michael to the position of Chief Financial Officer. In his career at Royal, Michael has provided key guidance and leadership, spearheading many of the initiatives that have provided the foundation for the stability and growth potential that underpin the Royal brand at this time."
The bank also announced that Mary Kay Shea, the bank's current Controller, will assume the role of Chief Accounting Officer. Ms. Shea joined Royal in 2008 from Parke Bank where she served as Controller. Prior to her tenure at Parke she was Controller at Wainwright Bank in Massachusetts. She graduated Cum Laude from the Carroll School of Management at Boston College with a degree in Economics.
Tabas noted, "The promotion of Mary Kay to fill the Chief Accounting Officer role speaks volumes for her knowledge of our bank's financial operations and her significant community banking experience will continue to prove beneficial as we reinvigorate our brand."
About Royal Bancshares of Pennsylvania, Inc.
Royal Bancshares of Pennsylvania, Inc., headquartered in Narberth, Pennsylvania, is the parent company of Royal Bank America, which for the past nearly 50 years has played a lead role in the growth and development of our region by empowering small businesses, entrepreneurs and individuals to achieve their financial goals and enrich our communities. More information on Royal Bancshares of Pennsylvania, Inc., Royal Bank America and its subsidiaries can be found at www.royalbankamerica.com.