NEW LONDON, Mo. — Saints Avenue Bancshares, Inc., has announced that the company has entered into a plan and merger agreement with Royal Bancshares, Inc., and its banking subsidiary Royal Banks of Missouri.
Headquartered in Creve Coeur, Royal Banks has offices throughout the St. Louis metro and county area, as well as southern Illinois. The merger will cover 17 full and limited-service offices including the Saints Avenue Bank locations in St. Charles, New London, Center and Hannibal.
“We are excited about bringing together two generational family-owned institutions," said Saint Avenue Bancshares chairman James Behrens. "Royal Banks is controlled by the second-generation Matt and Linda Renner (Thomas Green Family) and Steve Pessin (Ben Pessin Family), and Saints Avenue Bank is controlled by the third-generation Raymond Behrens Family.”
“We are excited to bring together two progressive and well managed companies," said Mitchell Baden, president and CEO of Royal Bancshares, Inc. "We are very proud of our community bank roots. The companies are a strategic fit.”
The transaction still requires FDIC approval as well as approval from the Missouri Division of Finance and is scheduled to close in the second or third quarter of 2021.