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Prepared and filed by St Ives Financial
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<p align="center"><b><font face="serif" size="4">SECURITIES AND EXCHANGE COMMISSION</font></b><br>
<b><font face="serif" size="4">WASHINGTON, DC 20549</font></b></p>
<p align="center"><font size="2" face="serif"><b>FORM 8-K</b></font></p>
<p align="center"><font size="2" face="serif">CURRENT REPORT PURSUANT</font><br>
<font size="2" face="serif">TO SECTION 13 OR 15(d) OF THE</font><br>
<font size="2" face="serif">SECURITIES AND EXCHANGE ACT OF 1934</font></p>
<p align="left"><font size="2" face="serif">Date of Report (Date of earliest event report) December 21, 2006.</font></p>
<p align="center"><b><u><font face="serif" size="4">ROYAL BANCSHARES OF PENNSYLVANIA, INC.</font></u></b><br>
<font size="2" face="serif">(Exact name of registrant as specified in its charter)</font></p>
<p align="center"><b><u><font face="serif" size="4">PENNSYLVANIA</font></u></b><br>
<font size="2" face="serif">(State or Other Jurisdiction of Incorporation)</font></p>
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<td><font size="2" face="serif"><b><u>0-26366</u></b></font></td>
<td width="50%"><u><font size="2" face="serif"><b>23-2812193</b></font></u></td>
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<td><font size="2" face="serif">(Commission File Number)</font></td>
<td><font size="2" face="serif">(IRS Employer Identification Number)</font></td>
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<td width="50%"><font size="2" face="serif"><b><u>732 Montgomery Avenue, Narberth, Pennsylvania</u></b></font></td>
<td width="50%"><u><font size="2" face="serif"><b>19072</b></font></u></td>
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<td width="50%"><font size="2" face="serif">(Address of Principal Executive Office)</font></td>
<td><font size="2" face="serif">(Zip Code)</font></td>
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<p align="center"><font size="2" face="serif"><b><u>610-668-4700</u></b></font><br>
<font size="2" face="serif">(Issuer&#8217;s telephone number, including area code)</font></p>
<p align="center"><font size="2" face="serif"><b><u>N/A</u></b></font><br>
<font size="2" face="serif">(Former Name or Former Address, if Change Since Last Report)</font></p>
<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provision:</font></p>
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<td align="left"><font size="2" face="serif">__ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td>
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  <td>&nbsp;</td>
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<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">__ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td>
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  <td align="left"><font size="2" face="serif">__
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b)</font></td>
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  <td align="left"><font size="2" face="serif">__
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))</font></td>
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<p align="left"><font size="2" face="serif"><b>Section 8- Other Events</b></font></p>
<p align="left"><font size="2" face="serif">Item 8.01 Other Events</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December 21, 2006 Royal Bancshares of Pennsylvania reported the declaration 5% stock dividend.</font></p>
<p align="left"><font size="2" face="serif"><b>Section 9- Financial Statements and Exhibits</b></font></p>
<p align="left"><font size="2" face="serif">Item 9.01 Financial Statements and exhibits.</font></p>
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<td colspan="2" align="left"><font size="2" face="serif">(c) Exhibits</font></td>
<td width="16%" align="left">&nbsp;</td>
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<td width="11%" align="left"><font size="2" face="serif">Exhibit</font></td>
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<td align="left"><font size="2" face="serif">Description</font></td>
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<td width="10%" align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td width="11%" align="left"><font size="2" face="serif">99.1</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Press Release announcing stock dividend</font></td>
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<p align="center"><font size="2" face="serif"><b><u>SIGNATURE</u></b></font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
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<td align="left"><font size="2" face="serif"><b>Royal Bancshares of Pennsylvania, Inc. </b></font></td> </tr>
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<td align="left" width="50%"><font size="2" face="serif">Dated: December 21, 2006</font></td>
<td align="left"><font size="2" face="serif">/s/ Jeffrey T. Hanuscin</font></td>
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<td align="left"><font size="2" face="serif">Jeffrey T. Hanuscin</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Chief Financial Officer</font></td>
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Prepared and filed by St Ives Financial
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event report) December 21, 2006.
ROYAL BANCSHARES OF PENNSYLVANIA, INC.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA
(State or Other Jurisdiction of Incorporation)
0-26366
23-2812193
(Commission File Number)
(IRS Employer Identification Number)
732 Montgomery Avenue, Narberth, Pennsylvania
19072
(Address of Principal Executive Office)
(Zip Code)
610-668-4700
(Issuer's telephone number, including area code)
N/A
(Former Name or Former Address, if Change Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provision:
__ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
__ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
__
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b)
__
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))
Section 8- Other Events
Item 8.01 Other Events
On December 21, 2006 Royal Bancshares of Pennsylvania reported the declaration 5% stock dividend.
Section 9- Financial Statements and Exhibits
Item 9.01 Financial Statements and exhibits.
(c) Exhibits
Exhibit
Description
99.1
Press Release announcing stock dividend
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Royal Bancshares of Pennsylvania, Inc.
Dated: December 21, 2006
/s/ Jeffrey T. Hanuscin
Jeffrey T. Hanuscin
Chief Financial Officer