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ROYAL BANK OF PENNSYLVANIA PURCHASES HORIZON FINANCIAL'S PORTFOLIO OF COMMERCIAL MORTGAGE LOANS

 ROYAL BANK OF PENNSYLVANIA PURCHASES
 HORIZON FINANCIAL'S PORTFOLIO OF COMMERCIAL MORTGAGE LOANS
 NARBERTH, Pa., Aug. 21 /PRNewswire/ -- Royal Bank of Pennsylvania (NASDAQ: RBPAA) announced today it had concluded a transaction with the Resolution Trust Corporation purchasing the former Horizon Financial's fully performing first-mortgage commercial portfolio.
 The closing on the loans, which have a principal amount of approximately $53 million, took place on Wednesday, Aug. 19, 1992. The average life of the portfolio is about nine years.
 "Although our initial bid for the portfolio was submitted over 14 months ago, we concluded an asset-sale agreement about 60 days ago," said Lee Tabas, president of Royal Bank of Pennsylvania. "We believe that the portfolio will earn the bank more than a million dollars annually in additional income."
 Tabas stated that the bank funded the loans by selling certificates of deposit in the three to five year range. "We are offering excellent rates, which are well received by our customers," he said.
 Royal Bank of Pennsylvania is a commercial bank based in Narberth. The bank specializes in serving professionals and businesses, and expects to offer its full services to the former Horizon Financial customers. Royal Bank of Pennsylvania is a public company, and is traded on the National NASDAQ Market under the symbol, "RBPAA."
 /delval/
 -0- 8/21/92
 /CONTACT: Lori Feldman of Royal Bank, 215-668-4700/
 (RBPA) CO: Royal Bank of Pennsylvania; Horizon Financial ST: Pennsylvania IN: FIN SU: TNM


MP-JS -- PH018 -- 2217 08/21/92 15:02 EDT
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Publication:PR Newswire
Date:Aug 21, 1992
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