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      Form S-8
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    <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
          filed
          with the Securities and Exchange Commission on October&#160;3, 2006</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
          No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <hr style="COLOR: black" align="center" noshade size="1" width="100%">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
        D.C. 20549<br></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">___________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>FORM
        S-8</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registration
        Statement</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>under
        the Securities Act of 1933</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">___________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>ROYAL
        FINANCIAL, INC.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of registrant as specified in its charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Delaware</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or other jurisdiction of</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">incorporation
                  or organization)</font></div>
              </td>
              <td valign="top" width="26%">&#160;</td>
              <td valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>20-1636029</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                  Employer Identification No.)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>9226
        S. Commercial Avenue</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Chicago,
        Illinois 60617</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address,
        including zip code of registrant&#8217;s principal executive office)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">___________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ROYAL
        FINANCIAL, INC. 2005 STOCK OPTION PLAN</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ROYAL
        FINANCIAL, INC. 2005 RECOGNITION AND RETENTION PLAN AND TRUST
        AGREEMENT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Full
        title of the plans)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">___________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Leonard
        Szwajkowski</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Senior
        Vice President and Chief Financial Officer</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Royal
        Financial, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>9226
        S. Commercial Avenue</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Chicago,
        Illinois 60617</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(773)
        768-4800</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name,
        address and telephone number, including area code, of agent for
        service)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Copies
        to:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Jennifer
        Durham King, Esq.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Vedder,
        Price, Kaufman&#160;&amp; Kammholz, P.C.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>222
        North LaSalle Street</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Chicago,
        Illinois 60601</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(312)
        609-7500</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">___________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CALCULATION
        OF REGISTRATION FEE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="bottom" width="16%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Title
                  of Each Class of</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Securities
                  to be Registered</strong></font></div>
              </td>
              <td valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                  to</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>be
                  Registered&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
              </td>
              <td valign="bottom" width="17%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  Maximum</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Offering
                  Price Per Share</strong></font></div>
              </td>
              <td valign="bottom" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  Maximum</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Aggregate
                  Offering Price</strong></font></div>
              </td>
              <td valign="bottom" width="19%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                  of </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registration
                  Fee</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)(3)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                  Stock, $0.01 par</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">value</font></div>
              </td>
              <td valign="top" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">264,500
                  shares</font></div>
              </td>
              <td valign="top" width="17%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$15.10</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td valign="top" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$3,993,950</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td valign="top" width="19%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$428</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                  Stock, $0.01 par</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">value</font></div>
              </td>
              <td valign="top" width="12%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">105,800
                  shares</font></div>
              </td>
              <td valign="top" width="17%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$15.10</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2)</font></div>
              </td>
              <td valign="top" width="14%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,597,580</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td valign="top" width="19%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$171</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
                  addition, pursuant to Rule&#160;416 under the Securities Act of 1933, this
                  registration statement also covers an indeterminate number of additional
                  shares that may become issuable pursuant to the Plans by reason
                  of any
                  stock dividend, stock split, recapitalization or other similar
                  transaction.</font></div>
              </td>
            </tr>

        </table>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Estimated
                  in accordance with Rule&#160;457(c), solely for the purpose of calculating
                  the registration fee, based upon the average of the high and low
                  sales
                  prices per share of the Common Stock, as reported on the Nasdaq
                  Over-the-Counter Market, of $15.10 per share on September&#160;29,
                  2006.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
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      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"></font>&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
        I</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
        REQUIRED IN THE SECTION&#160;10(</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>a)
        PROSPECTUS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Registration Statement relates to the registration of 264,500 shares of Common
        Stock, $0.01 par value per share of Royal Financial, Inc. (the &#8220;Registrant&#8221; or
&#8220;Company&#8221;) reserved for issuance and delivery under the Royal Financial, Inc.
        2005 Stock Option Plan (the &#8220;Stock Option Plan&#8221;), and 105,800 shares of common
        stock of the Company reserved for issuance and delivery under the Royal
        Financial, Inc. 2005 Recognition and Retention Plan and Trust Agreement (the
        &#8220;MRP Plan&#8221;, and collectively with the Stock Option Plan, the &#8220;Plans&#8221;). The Plans
        were approved by the Registrant&#8217;s stockholders on October&#160;26,
        2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        documents containing the information required by this Part I will be sent
        or
        given to those persons who participate in the Stock Option Plan and the MRP
        Plan
        as specified by Rule&#160;428(b)(1), all of whom are employees or directors of
        Royal Financial, Inc. or its bank subsidiary, Royal Savings Bank. Such documents
        are not required to be filed with the Securities and Exchange Commission
        (the
&#8220;Commission&#8221;) as a part of this Registration Statement or as an Exhibit, but
        constitute (along with the documents incorporated by reference into the
        Registration Statement pursuant to Item 3 of Part II hereof) a prospectus
        that
        meets the requirements of Section 10(a) of the Securities Act.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART&#160;II</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
        REQUIRED IN THE REGISTRATION STATEMENT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        3.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Incorporation
        of Documents by Reference.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Registrant incorporates by reference into this Registration Statement the
        documents listed below, which have previously been filed by the Registrant
        with
        the Commission pursuant to the Securities Exchange Act of 1934, as amended
        (the
&#8220;Exchange Act&#8221;):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Registrant&#8217;s Annual Report on Form 10-KSB for the fiscal year ended
                June&#160;30, 2006, filed with the Commission on September&#160;28, 2006
                (File No.&#160;000-51123);</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Registrant&#8217;s definitive Proxy Statement for its 2006 annual stockholders&#8217;
                meeting filed with the Commission on September&#160;29, 2006 (File
                No.&#160;000-51123); and</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                description of the Registrant&#8217;s Common Stock contained in the Registration
                Statement on Form&#160;8-A, filed with the Commission on January&#160;20,
                2005 (File No.&#160;000-51123).</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        addition, all documents filed by the Registrant pursuant to Sections&#160;13(a),
        13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective
        amendment which indicates that all securities offered hereby have been sold
        or
        which deregisters all securities then remaining unsold, are deemed to be
        incorporated by reference in this Registration Statement and are to be a
        part
        hereof from the date of filing of such documents. Any statement contained
        in a
        document incorporated or deemed to be incorporated by reference herein shall
        be
        deemed to be modified or superseded for purposes of this Registration Statement
        to the extent that a statement contained herein or in any other subsequently
        filed document which also is or is deemed to be incorporated by reference
        herein
        modifies or supersedes such statement. Any such statement so modified or
        superseded shall not be deemed, except as so modified or superseded, to
        constitute a part of this Registration Statement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"></font>&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        4.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160; </font></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description
        of Securities.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
        applicable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        5.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Interests
        of Named Experts and Counsel.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
        applicable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        6.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Indemnification
        of Directors and Officers.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section&#160;145
        of the Delaware General Corporation Law grants each corporation organized
        thereunder the powers to indemnify any individual made party or threatened
        to be
        made party to any threatened, pending or completed action, suit or proceeding
        because the individual is or was a director, officer, employee or agent of
        the
        corporation, against actual and reasonable expenses (including attorneys&#8217; fees),
        judgments, fines and amounts paid in settlement incurred with respect to
        an
        action, suit or proceeding if the individual acted in good faith, and the
        individual reasonably believed: (a)&#160;that the individual&#8217;s conduct was in
        the corporation&#8217;s best interests; (b)&#160;that the individual&#8217;s conduct was at
        least not opposed to the corporation&#8217;s best interests; and (c)&#160;in the case
        of any criminal proceeding, that the individual had no reasonable cause to
        believe the individual&#8217;s conduct was unlawful. However, there will be limited or
        no indemnification for directors, officers, employees or agents adjudged
        to be
        liable to the corporation where such individuals are parties to any action
        by or
        in the right of the corporation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Article&#160;Nine
        of the Registrant&#8217;s Certificate of Incorporation provides as
        follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Article&#160;9:
        Liability of Directors and Officers</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#160;
        The personal liability of the directors and officers of the Corporation for
        monetary damages shall be eliminated to the fullest extent permitted by the
        General Corporation Law of the State of Delaware as it exists on the effective
        date of this Certificate of Incorporation or as such law may be thereafter
        in
        effect. No amendment, modification or repeal of Article&#160;9 shall adversely
        affect the rights provided thereby with respect to any claim, issue or matter
        in
        any proceeding that is based in any respect on any alleged action or failure
        to
        act prior to such amendment, modification or repeal.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Article&#160;Ten
        of the Registrant&#8217;s Certificate of Incorporation provides as
        follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Article&#160;10:
        Indemnification</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#160;
        The Corporation shall indemnify its directors, officers, employees, agents
        and
        former directors, officers, employees and agents, and any other persons serving
        at the request of the Corporation as a director, officer, employee or agent
        of
        another corporation, association, partnership, joint venture, trust or other
        enterprise, against expenses (including attorneys&#8217; fees, judgments, fines and
        amounts paid in settlement) incurred in connection with any pending or
        threatened action, suit or proceeding, whether civil, criminal, administrative
        or investigative, with respect to which such director, officer, employee,
        agent
        or other person is a party, or is threatened to be made a party, to the full
        extent permitted by the General Corporation Law of the State of Delaware;
        provided, however, that the Corporation shall not be liable for any amounts
        which may be due to any person in connection with a settlement of any action,
        suit or proceeding effected without its prior written consent or any action,
        suit or proceeding initiated by any person seeking indemnification hereunder
        without its prior written consent. The indemnification provided herein
        (i)&#160;shall not be deemed exclusive of any other right to which any person
        seeking indemnification may be entitled under any bylaw, agreement or vote
        of
        stockholders or disinterested directors or otherwise, both as to action in
        his
        or her official capacity and as to action in any other capacity, and
        (ii)&#160;shall inure to the benefit of the heirs, executors and administrators
        of any such person. The Corporation shall have the power, but shall not be
        obligated, to purchase and maintain insurance on behalf of any person or
        persons
        enumerated above against any liability asserted against or incurred by them
        or
        any of them arising out of their status as corporate directors, officers,
        employees, or </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">agents
        whether or not the Corporation would have the power to indemnify them against
        such liability under the provisions of Article&#160;10.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Article&#160;VI
        of the Registrant&#8217;s Bylaws provides as follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.1&#160;
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Indemnification</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#160;
        The Corporation shall provide indemnification to its directors, officers,
        employees, agents and former directors, officers, employees and agents and
        to
        others in accordance with the Corporation&#8217;s Certificate of
        Incorporation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.2&#160;
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Advancement
        of Expenses</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#160;
        Reasonable expenses (including attorneys&#8217; fees) incurred by a director, officer
        or employee of the Corporation in defending any civil, criminal, administrative
        or investigative action, suit or proceeding described in Section&#160;6.1 may be
        paid by the Corporation in advance of the final disposition of such action,
        suit
        or proceeding as authorized by the Board of Directors only upon receipt of
        an
        undertaking by or on behalf of such person to repay such amount if it shall
        ultimately be determined that the person is not entitled to be indemnified
        by
        the Corporation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.3&#160;
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Other
        Rights and Remedies</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#160;
        The indemnification and advancement of expenses provided by, or granted pursuant
        to, Article&#160;VI shall not be deemed exclusive of any other rights to which
        those seeking indemnification or advancement of expenses may be entitled
        under
        the Corporation&#8217;s Certificate of Incorporation, any agreement, vote of
        stockholders or disinterested directors or otherwise, both as to actions
        in
        their official capacity and as to actions in another capacity while holding
        such
        office, and shall continue as to a person who has ceased to be a director,
        officer or employee and shall inure to the benefit of the heirs, executors
        and
        administrators of such person.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.4&#160;
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Insurance</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Upon
        resolution passed by the Board of Directors, the Corporation may purchase
        and
        maintain insurance on behalf of any person who is or was a director, officer
        of
        employee of the Corporation, or is or was serving at the request of the
        corporation as a director, officer or employee of another corporation,
        partnership, joint venture, trust or other enterprise, against any liability
        asserted against him or incurred by him in any such capacity or arising out
        of
        his status as such, whether or not the Corporation would have the power to
        indemnify him against such liability under the provisions of its Certificate
        of
        Incorporation or Article&#160;VI.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.5
        </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Modification</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#160;
        The duties of the Corporation to indemnify and to advance expenses to a
        director, officer or employee provided in Article&#160;VI shall be in the nature
        of a contract between the Corporation and each such person, and no amendment
        or
        repeal of any provision of Article&#160;VI shall alter, to the detriment of such
        person, the right of such person to the advance of expenses or indemnification
        related to a claim based on an act or failure to act which took place prior
        to
        such amendment or repeal.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        effect of the foregoing provisions of the Delaware General Corporation Law,
        the
        Company&#8217;s Certificate of Incorporation and Bylaws would be to permit such
        indemnification of officers and directors by the Company for liabilities
        arising
        under the Securities Act of 1933.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Registrant has purchased $10 million of insurance which insures the Registrant&#8217;s
        directors and officers against liability which they may incur as a result
        of
        actions taken in such capacities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        7.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exemption
        from Registration Claimed.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
        applicable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        8.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibits.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="16%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Number</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="bottom" width="64%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Description
                  of Exhibit</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certificate
                  of Incorporation of Royal Financial, Inc. (filed as an exhibit
                  to the
                  Registrant&#8217;s registration statement on Form&#160;SB-2 (File
                  No.&#160;333-119138) and incorporated herein by reference).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bylaws
                  of Royal Financial, Inc. (filed as an exhibit to the Registrant&#8217;s
                  registration statement on Form&#160;SB-2 (File No.&#160;333-119138) and
                  incorporated herein by reference).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Royal
                  Financial, Inc. 2005 Stock Option Plan (filed as an appendix to
                  the
                  Registrant&#8217;s proxy statement for its 2005 annual meeting of stockholders
                  and incorporated herein by reference).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Royal
                  Financial, Inc. 2005 Management Recognition and Retention Plan
                  and Trust
                  Agreement (filed as an appendix to the Registrant&#8217;s proxy statement for
                  its 2005 annual meeting of stockholders and incorporated herein
                  by
                  reference).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
                  of Vedder, Price, Kaufman&#160;&amp; Kammholz, P.C.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                  of Crowe Chizek and Company LLC.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.2</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                  of Vedder, Price, Kaufman&#160;&amp; Kammholz, P.C. (included in
                  Exhibit&#160;5.1).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24.1</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Powers
                  of Attorney (included on the signature page&#160;of this Registration
                  Statement).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        9.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Undertakings.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Registrant hereby undertakes:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
                  file, during any period in which offers or sales are being made,
                  a
                  post-effective amendment to this Registration
                  Statement:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1;">
              <td style="width: 72pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
                  include any prospectus required by Section&#160;10(a)(3) of the Securities
                  Act;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1;">
              <td style="width: 72pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
                  reflect in the prospectus any facts or events arising after the
                  effective
                  date of the Registration Statement (or the most recent post-effective
                  amendment thereof) which, individually or in the aggregate, represent
                  a
                  fundamental change in the information set forth in the Registration
                  Statement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1;">
              <td style="width: 72pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
                  include any material information with respect to the plan of distribution
                  not previously disclosed in the Registration Statement or any material
                  change to such information in the Registration
                  Statement;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>provided,
        however</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        that
        clauses&#160;(i) and (ii) do not apply if the information required to be
        included in a post-effective amendment by those clauses is contained in periodic
        reports filed with or furnished to the SEC by the Registrant pursuant to
        Section&#160;13 or Section&#160;15(d) of the Exchange Act that are incorporated
        by reference in to the Registration Statement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That,
                  for the purpose of determining any liability under the Securities
                  Act,
                  each such post-effective amendment shall be deemed to be a new
                  registration statement relating to the securities offered therein,
                  and the
                  offering of such securities at that time shall be deemed to be
                  the initial
                  bona fide offering thereof.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
                  remove from registration by means of a post-effective amendment
                  any of the
                  securities being registered which remain unsold at the termination
                  of the
                  offering.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Registrant hereby undertakes that, for purposes of determining any liability
        under the Securities Act, each filing of the Registrant&#8217;s annual report pursuant
        to Section&#160;13(a) or Section&#160;15(d) of the Exchange Act that is
        incorporated by reference in to the Registration Statement shall be deemed
        to be
        a new registration statement relating to the securities offered therein,
        and the
        offering of such securities at that time shall be deemed to be the initial
        bona
        fide offering thereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
        as indemnification for liabilities arising under the Securities Act may be
        permitted to directors, officers and controlling persons of the Registrant
        pursuant to the foregoing provisions, or otherwise, the Registrant has been
        advised that in the opinion of the SEC such indemnification is against public
        policy as expressed in the Securities Act and is, therefore, unenforceable.
        In
        the event that a claim for indemnification against such liabilities (other
        than
        the payment by the Registrant of expenses incurred or paid by a director,
        officer or controlling person of the Registrant in the successful defense
        of any
        action, suit or proceeding) is asserted by such director, officer or controlling
        person in connection with the securities being registered, the Registrant
        will,
        unless in the opinion of its counsel the matter has been settled by controlling
        precedent, submit to a court of appropriate jurisdiction the question whether
        such indemnification by it is against public policy as expressed in the
        Securities Act and will be governed by the final adjudication of such
        issue.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of Section&#160;13 or 15(d) of the Securities Exchange Act
        of 1934, the Registrant has duly caused this report to be signed on its behalf
        by the undersigned, thereunto duly authorized, on the 19th day of
        September,&#160;2006.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div>&#160;</div>
        <div>
          <div>
            <div align="center">
              <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                  <tr valign="top" bgcolor="#ffffff">
                    <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td colspan="2" width="51%">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ROYAL
                        FINANCIAL, INC.</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>
              <div>
                <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                    <tr valign="top" bgcolor="#ffffff">
                      <td width="50%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;By:</font></td>
                      <td width="49%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/
                        Donald A. Moll</font></td>
                    </tr>

                </table>
              </div>
            </div>
            <div>
              <div>
                <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                    <tr valign="top" bgcolor="#ffffff">
                      <td width="52%">
                      </td>
                      <td colspan="2" width="48%">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Donald
                          A. Moll</font></div>
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President
                          and Chief Executive Officer</font></div>
                      </td>
                    </tr>

                </table>
                <div>
                  <div>&#160;</div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KNOW
        ALL
        PERSONS BY THESE PRESENTS, that each person whose signature appears below
        hereby
        constitutes and appoints Alan W. Bird and Donald A. Moll, and each of them,
        the
        true and lawful attorney-in-fact and agents of the undersigned, with full
        power
        of substitution and resubstitution, for and in the name, place and stead
        of the
        undersigned, to sign any and all amendments to this Registration Statement,
        and
        to file the same, with all exhibits thereto and other documents in connection
        therewith, with the Securities and Exchange Commission, and hereby grants
        to
        such attorneys-in-fact and agents, and each of them, full power and authority
        to
        do and perform each and every act and thing requisite and necessary to be
        done,
        as fully as to all intents and purposes as each of the undersigned might
        or
        could do in person, hereby ratifying and confirming all that said
        attorneys-in-fact and agents, or any of them, or their or his substitutes,
        may
        lawfully do or cause to be done by virtue hereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1933, this report has
        been
        signed below by the following persons on behalf of the Company and in the
        capacities and on the dates indicated.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div>&#160;</div>
        <div>
          <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

              <tr valign="top" bgcolor="#ffffff">
                <td width="35%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<strong>SIGNATURE</strong></font></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                </td>
                <td width="35%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<strong>TITLE</strong></font></div>
                </td>
                <td width="30%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<strong>DATE</strong></font></div>
                </td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td width="35%" style="border-bottom: medium none;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alan
                    W. Bird</font></font>
                    <hr style="COLOR: black" align="center" noshade size="2" width="75%">
                  </div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alan
                    W. Bird</font></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                </td>
                <td width="35%" style="border-bottom: medium none;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman
                      of the Board</font></div>
                  </div>
                </td>
                <td width="30%" style="border-bottom: medium none;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September&#160;19,
                      2006</font></div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <div>
            <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                <tr valign="top" bgcolor="#ffffff">
                  <td width="35%" style="border-bottom: medium none;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/
                      Donald A. Moll </font>
                      <hr style="COLOR: black" align="center" noshade size="2" width="75%">
                    </div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.5; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Donald
                      A. Moll</font></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  </td>
                  <td width="35%" style="border-bottom: medium none;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President,
                        Chief Executive Officer and Director (principal executive
                        officer)</font></div>
                    </div>
                  </td>
                  <td width="30%" style="border-bottom: medium none;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September&#160;19,
                        2006</font></div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
          <div>
            <div>
              <div>
                <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                    <tr valign="top" bgcolor="#ffffff">
                      <td width="35%" style="border-bottom: medium none;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/
                          Leonard Szwajkowski </font>
                          <hr style="COLOR: black" align="center" noshade size="2" width="75%">
                        </div>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.5; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Leonard
                          Szwajkowski</font></div>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                      </td>
                      <td width="35%" style="border-bottom: medium none;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
                            Vice President and Chief Financial Officer (principal
                            financial and
                            accounting officer)</font></div>
                        </div>
                      </td>
                      <td width="30%" style="border-bottom: medium none;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September&#160;19,
                            2006</font></div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div>
            <div>
              <div>
                <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                    <tr valign="top" bgcolor="#ffffff">
                      <td width="35%" style="border-bottom: medium none;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/
                          John T. Dempsey </font>
                          <hr style="COLOR: black" align="center" noshade size="2" width="75%">
                        </div>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.5; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">John
                          T. Dempsey</font></div>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                      </td>
                      <td width="35%" style="border-bottom: medium none;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                        </div>
                      </td>
                      <td width="30%" style="border-bottom: medium none;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September&#160;19,
                            2006</font></div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <div>
                  <div>
                    <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                        <tr valign="top" bgcolor="#ffffff">
                          <td width="35%" style="border-bottom: medium none;">
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/
                              Barbara K. Minster </font>
                              <hr style="COLOR: black" align="center" noshade size="2" width="75%">
                            </div>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.5; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barbara
                              K. Minster</font></div>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                          </td>
                          <td width="35%" style="border-bottom: medium none;">
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                            </div>
                          </td>
                          <td width="30%" style="border-bottom: medium none;">
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September&#160;19,
                                2006</font></div>
                            </div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <div>
                      <div>
                        <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                            <tr valign="top" bgcolor="#ffffff">
                              <td width="35%" style="border-bottom: medium none;">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/
                                  Peter C. Rolewicz </font>
                                  <hr style="COLOR: black" align="center" noshade size="2" width="75%">
                                </div>
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.5; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Peter
                                  C. Rolewicz</font></div>
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                              </td>
                              <td width="35%" style="border-bottom: medium none;">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                                </div>
                              </td>
                              <td width="30%" style="border-bottom: medium none;">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September&#160;19,
                                    2006</font></div>
                                </div>
                              </td>
                            </tr>

                        </table>
                      </div>
                      <div>
                        <div>
                          <div>
                            <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                                <tr valign="top" bgcolor="#ffffff">
                                  <td width="35%" style="border-bottom: medium none;">
                                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/
                                      Rodolfo Serna </font>
                                      <hr style="COLOR: black" align="center" noshade size="2" width="75%">
                                    </div>
                                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.5; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rodolfo
                                      Serna</font></div>
                                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                                  </td>
                                  <td width="35%" style="border-bottom: medium none;">
                                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                                    </div>
                                  </td>
                                  <td width="30%" style="border-bottom: medium none;">
                                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September&#160;19,
                                        2006</font></div>
                                    </div>
                                  </td>
                                </tr>

                            </table>
                          </div>
                          <div>&#160;</div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INDEX
        TO EXHIBITS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="16%" style="border-bottom: #ffffff thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Number</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td valign="bottom" width="64%" style="border-bottom: #ffffff thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Description
                  of Exhibit</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certificate
                  of Incorporation of Royal Financial, Inc. (filed as an exhibit
                  to the
                  Registrant&#8217;s registration statement on Form&#160;SB-2 (File
                  No.&#160;333-119138) and incorporated herein by reference).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bylaws
                  of Royal Financial, Inc. (filed as an exhibit to the Registrant&#8217;s
                  registration statement on Form&#160;SB-2 (File No.&#160;333-119138) and
                  incorporated herein by reference).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Royal
                  Financial, Inc. 2005 Stock Option Plan (filed as an appendix to
                  the
                  Registrant&#8217;s proxy statement for its 2005 annual meeting of stockholders
                  and incorporated herein by reference).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Royal
                  Financial, Inc. 2005 Management Recognition and Retention Plan
                  and Trust
                  Agreement (filed as an appendix to the Registrant&#8217;s proxy statement for
                  its 2005 annual meeting of stockholders and incorporated herein
                  by
                  reference).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
                  of Vedder, Price, Kaufman&#160;&amp; Kammholz, P.C.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                  of Crowe Chizek and Company LLC.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.2</font></div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                  of Vedder, Price, Kaufman&#160;&amp; Kammholz, P.C. (included in
                  Exhibit&#160;5.1).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24.1</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Powers
                  of Attorney (included on the signature page&#160;of this Registration
                  Statement).</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>

        </table>
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[{"type": "S-8", "sequence": "1", "filename": "s8_100306.htm", "description": "FORM S-8", "secsgml_size_bytes": 113072}]
{"company-data": {"conformed-name": "ROYAL FINANCIAL, INC.", "cik": "0001303531", "assigned-sic": "6036", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-137770", "film-number": "061125106"}, "business-address": {"street1": "9226 S. COMMERCIAL AVENUE", "city": "CHICAGO", "state": "IL", "zip": "60617", "phone": "773-768-4800"}, "mail-address": {"street1": "9226 S. COMMERCIAL AVENUE", "city": "CHICAGO", "state": "IL", "zip": "60617"}, "former-company": {"former-conformed-name": "Royal Financial, Inc.", "date-changed": "20040917"}}
Form S-8
As
          filed
          with the Securities and Exchange Commission on October 3, 2006
Registration
          No. 333-
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
Washington,
        D.C. 20549
___________
FORM
        S-8
Registration
        Statement
under
        the Securities Act of 1933
___________
ROYAL
        FINANCIAL, INC.
(Exact
        name of registrant as specified in its charter)
Delaware
(State
                  or other jurisdiction of
incorporation
                  or organization)
20-1636029
(I.R.S.
                  Employer Identification No.)
9226
        S. Commercial Avenue
Chicago,
        Illinois 60617
(Address,
        including zip code of registrant's principal executive office)
___________
ROYAL
        FINANCIAL, INC. 2005 STOCK OPTION PLAN
ROYAL
        FINANCIAL, INC. 2005 RECOGNITION AND RETENTION PLAN AND TRUST
        AGREEMENT
(Full
        title of the plans)
___________
Leonard
        Szwajkowski
Senior
        Vice President and Chief Financial Officer
Royal
        Financial, Inc.
9226
        S. Commercial Avenue
Chicago,
        Illinois 60617
(773)
        768-4800
(Name,
        address and telephone number, including area code, of agent for
        service)
Copies
        to:
Jennifer
        Durham King, Esq.
Vedder,
        Price, Kaufman & Kammholz, P.C.
222
        North LaSalle Street
Chicago,
        Illinois 60601
(312)
        609-7500
___________
CALCULATION
        OF REGISTRATION FEE
Title
                  of Each Class of
Securities
                  to be Registered
Amount
                  to
be
                  Registered
(1)
Proposed
                  Maximum
Offering
                  Price Per Share
Proposed
                  Maximum
Aggregate
                  Offering Price
Amount
                  of
Registration
                  Fee
(2)(3)
Common
                  Stock, $0.01 par
value
264,500
                  shares
$15.10
(2)
$3,993,950
(2)
$428
(2)
Common
                  Stock, $0.01 par
value
105,800
                  shares
$15.10
(
2)
$1,597,580
(2)
$171
(2)
(1)
In
                  addition, pursuant to Rule 416 under the Securities Act of 1933, this
                  registration statement also covers an indeterminate number of additional
                  shares that may become issuable pursuant to the Plans by reason
                  of any
                  stock dividend, stock split, recapitalization or other similar
                  transaction.
(2)
Estimated
                  in accordance with Rule 457(c), solely for the purpose of calculating
                  the registration fee, based upon the average of the high and low
                  sales
                  prices per share of the Common Stock, as reported on the Nasdaq
                  Over-the-Counter Market, of $15.10 per share on September 29,
                  2006.
PART
        I
INFORMATION
        REQUIRED IN THE SECTION 10(
a)
        PROSPECTUS
The
        Registration Statement relates to the registration of 264,500 shares of Common
        Stock, $0.01 par value per share of Royal Financial, Inc. (the "Registrant" or
"Company") reserved for issuance and delivery under the Royal Financial, Inc.
        2005 Stock Option Plan (the "Stock Option Plan"), and 105,800 shares of common
        stock of the Company reserved for issuance and delivery under the Royal
        Financial, Inc. 2005 Recognition and Retention Plan and Trust Agreement (the
        "MRP Plan", and collectively with the Stock Option Plan, the "Plans"). The Plans
        were approved by the Registrant's stockholders on October 26,
        2005.
The
        documents containing the information required by this Part I will be sent
        or
        given to those persons who participate in the Stock Option Plan and the MRP
        Plan
        as specified by Rule 428(b)(1), all of whom are employees or directors of
        Royal Financial, Inc. or its bank subsidiary, Royal Savings Bank. Such documents
        are not required to be filed with the Securities and Exchange Commission
        (the
"Commission") as a part of this Registration Statement or as an Exhibit, but
        constitute (along with the documents incorporated by reference into the
        Registration Statement pursuant to Item 3 of Part II hereof) a prospectus
        that
        meets the requirements of Section 10(a) of the Securities Act.
PART II
INFORMATION
        REQUIRED IN THE REGISTRATION STATEMENT
Item
        3.
Incorporation
        of Documents by Reference.
The
        Registrant incorporates by reference into this Registration Statement the
        documents listed below, which have previously been filed by the Registrant
        with
        the Commission pursuant to the Securities Exchange Act of 1934, as amended
        (the
"Exchange Act"):
·
The
                Registrant's Annual Report on Form 10-KSB for the fiscal year ended
                June 30, 2006, filed with the Commission on September 28, 2006
                (File No. 000-51123);
·
The
                Registrant's definitive Proxy Statement for its 2006 annual stockholders'
                meeting filed with the Commission on September 29, 2006 (File
                No. 000-51123); and
·
The
                description of the Registrant's Common Stock contained in the Registration
                Statement on Form 8-A, filed with the Commission on January 20,
                2005 (File No. 000-51123).
In
        addition, all documents filed by the Registrant pursuant to Sections 13(a),
        13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective
        amendment which indicates that all securities offered hereby have been sold
        or
        which deregisters all securities then remaining unsold, are deemed to be
        incorporated by reference in this Registration Statement and are to be a
        part
        hereof from the date of filing of such documents. Any statement contained
        in a
        document incorporated or deemed to be incorporated by reference herein shall
        be
        deemed to be modified or superseded for purposes of this Registration Statement
        to the extent that a statement contained herein or in any other subsequently
        filed document which also is or is deemed to be incorporated by reference
        herein
        modifies or supersedes such statement. Any such statement so modified or
        superseded shall not be deemed, except as so modified or superseded, to
        constitute a part of this Registration Statement.
Item
        4.
Description
        of Securities.
Not
        applicable.
Item
        5.
Interests
        of Named Experts and Counsel.
Not
        applicable.
Item
        6.
Indemnification
        of Directors and Officers.
Section 145
        of the Delaware General Corporation Law grants each corporation organized
        thereunder the powers to indemnify any individual made party or threatened
        to be
        made party to any threatened, pending or completed action, suit or proceeding
        because the individual is or was a director, officer, employee or agent of
        the
        corporation, against actual and reasonable expenses (including attorneys' fees),
        judgments, fines and amounts paid in settlement incurred with respect to
        an
        action, suit or proceeding if the individual acted in good faith, and the
        individual reasonably believed: (a) that the individual's conduct was in
        the corporation's best interests; (b) that the individual's conduct was at
        least not opposed to the corporation's best interests; and (c) in the case
        of any criminal proceeding, that the individual had no reasonable cause to
        believe the individual's conduct was unlawful. However, there will be limited or
        no indemnification for directors, officers, employees or agents adjudged
        to be
        liable to the corporation where such individuals are parties to any action
        by or
        in the right of the corporation.
Article Nine
        of the Registrant's Certificate of Incorporation provides as
        follows:
Article 9:
        Liability of Directors and Officers
. 
        The personal liability of the directors and officers of the Corporation for
        monetary damages shall be eliminated to the fullest extent permitted by the
        General Corporation Law of the State of Delaware as it exists on the effective
        date of this Certificate of Incorporation or as such law may be thereafter
        in
        effect. No amendment, modification or repeal of Article 9 shall adversely
        affect the rights provided thereby with respect to any claim, issue or matter
        in
        any proceeding that is based in any respect on any alleged action or failure
        to
        act prior to such amendment, modification or repeal.
Article Ten
        of the Registrant's Certificate of Incorporation provides as
        follows:
Article 10:
        Indemnification
. 
        The Corporation shall indemnify its directors, officers, employees, agents
        and
        former directors, officers, employees and agents, and any other persons serving
        at the request of the Corporation as a director, officer, employee or agent
        of
        another corporation, association, partnership, joint venture, trust or other
        enterprise, against expenses (including attorneys' fees, judgments, fines and
        amounts paid in settlement) incurred in connection with any pending or
        threatened action, suit or proceeding, whether civil, criminal, administrative
        or investigative, with respect to which such director, officer, employee,
        agent
        or other person is a party, or is threatened to be made a party, to the full
        extent permitted by the General Corporation Law of the State of Delaware;
        provided, however, that the Corporation shall not be liable for any amounts
        which may be due to any person in connection with a settlement of any action,
        suit or proceeding effected without its prior written consent or any action,
        suit or proceeding initiated by any person seeking indemnification hereunder
        without its prior written consent. The indemnification provided herein
        (i) shall not be deemed exclusive of any other right to which any person
        seeking indemnification may be entitled under any bylaw, agreement or vote
        of
        stockholders or disinterested directors or otherwise, both as to action in
        his
        or her official capacity and as to action in any other capacity, and
        (ii) shall inure to the benefit of the heirs, executors and administrators
        of any such person. The Corporation shall have the power, but shall not be
        obligated, to purchase and maintain insurance on behalf of any person or
        persons
        enumerated above against any liability asserted against or incurred by them
        or
        any of them arising out of their status as corporate directors, officers,
        employees, or
2
agents
        whether or not the Corporation would have the power to indemnify them against
        such liability under the provisions of Article 10.
Article VI
        of the Registrant's Bylaws provides as follows:
6.1
Indemnification
. 
        The Corporation shall provide indemnification to its directors, officers,
        employees, agents and former directors, officers, employees and agents and
        to
        others in accordance with the Corporation's Certificate of
        Incorporation.
6.2
Advancement
        of Expenses
. 
        Reasonable expenses (including attorneys' fees) incurred by a director, officer
        or employee of the Corporation in defending any civil, criminal, administrative
        or investigative action, suit or proceeding described in Section 6.1 may be
        paid by the Corporation in advance of the final disposition of such action,
        suit
        or proceeding as authorized by the Board of Directors only upon receipt of
        an
        undertaking by or on behalf of such person to repay such amount if it shall
        ultimately be determined that the person is not entitled to be indemnified
        by
        the Corporation.
6.3
Other
        Rights and Remedies
. 
        The indemnification and advancement of expenses provided by, or granted pursuant
        to, Article VI shall not be deemed exclusive of any other rights to which
        those seeking indemnification or advancement of expenses may be entitled
        under
        the Corporation's Certificate of Incorporation, any agreement, vote of
        stockholders or disinterested directors or otherwise, both as to actions
        in
        their official capacity and as to actions in another capacity while holding
        such
        office, and shall continue as to a person who has ceased to be a director,
        officer or employee and shall inure to the benefit of the heirs, executors
        and
        administrators of such person.
6.4
Insurance
.
        Upon
        resolution passed by the Board of Directors, the Corporation may purchase
        and
        maintain insurance on behalf of any person who is or was a director, officer
        of
        employee of the Corporation, or is or was serving at the request of the
        corporation as a director, officer or employee of another corporation,
        partnership, joint venture, trust or other enterprise, against any liability
        asserted against him or incurred by him in any such capacity or arising out
        of
        his status as such, whether or not the Corporation would have the power to
        indemnify him against such liability under the provisions of its Certificate
        of
        Incorporation or Article VI.
6.5
Modification
. 
        The duties of the Corporation to indemnify and to advance expenses to a
        director, officer or employee provided in Article VI shall be in the nature
        of a contract between the Corporation and each such person, and no amendment
        or
        repeal of any provision of Article VI shall alter, to the detriment of such
        person, the right of such person to the advance of expenses or indemnification
        related to a claim based on an act or failure to act which took place prior
        to
        such amendment or repeal.
The
        effect of the foregoing provisions of the Delaware General Corporation Law,
        the
        Company's Certificate of Incorporation and Bylaws would be to permit such
        indemnification of officers and directors by the Company for liabilities
        arising
        under the Securities Act of 1933.
The
        Registrant has purchased $10 million of insurance which insures the Registrant's
        directors and officers against liability which they may incur as a result
        of
        actions taken in such capacities.
Item
        7.
Exemption
        from Registration Claimed.
Not
        applicable.
3
Item
        8.
Exhibits.
Exhibit
Number
Description
                  of Exhibit
4.1
Certificate
                  of Incorporation of Royal Financial, Inc. (filed as an exhibit
                  to the
                  Registrant's registration statement on Form SB-2 (File
                  No. 333-119138) and incorporated herein by reference).
4.2
Bylaws
                  of Royal Financial, Inc. (filed as an exhibit to the Registrant's
                  registration statement on Form SB-2 (File No. 333-119138) and
                  incorporated herein by reference).
4.3
Royal
                  Financial, Inc. 2005 Stock Option Plan (filed as an appendix to
                  the
                  Registrant's proxy statement for its 2005 annual meeting of stockholders
                  and incorporated herein by reference).
4.4
Royal
                  Financial, Inc. 2005 Management Recognition and Retention Plan
                  and Trust
                  Agreement (filed as an appendix to the Registrant's proxy statement for
                  its 2005 annual meeting of stockholders and incorporated herein
                  by
                  reference).
5.1
Opinion
                  of Vedder, Price, Kaufman & Kammholz, P.C.
23.1
Consent
                  of Crowe Chizek and Company LLC.
23.2
Consent
                  of Vedder, Price, Kaufman & Kammholz, P.C. (included in
                  Exhibit 5.1).
24.1
Powers
                  of Attorney (included on the signature page of this Registration
                  Statement).
Item
        9.
Undertakings.
The
        Registrant hereby undertakes:
(a)
To
                  file, during any period in which offers or sales are being made,
                  a
                  post-effective amendment to this Registration
                  Statement:
(i)
to
                  include any prospectus required by Section 10(a)(3) of the Securities
                  Act;
(ii)
to
                  reflect in the prospectus any facts or events arising after the
                  effective
                  date of the Registration Statement (or the most recent post-effective
                  amendment thereof) which, individually or in the aggregate, represent
                  a
                  fundamental change in the information set forth in the Registration
                  Statement; and
(iii)
to
                  include any material information with respect to the plan of distribution
                  not previously disclosed in the Registration Statement or any material
                  change to such information in the Registration
                  Statement;
provided,
        however
,
        that
        clauses (i) and (ii) do not apply if the information required to be
        included in a post-effective amendment by those clauses is contained in periodic
        reports filed with or furnished to the SEC by the Registrant pursuant to
        Section 13 or Section 15(d) of the Exchange Act that are incorporated
        by reference in to the Registration Statement.
4
(b)
That,
                  for the purpose of determining any liability under the Securities
                  Act,
                  each such post-effective amendment shall be deemed to be a new
                  registration statement relating to the securities offered therein,
                  and the
                  offering of such securities at that time shall be deemed to be
                  the initial
                  bona fide offering thereof.
(c)
To
                  remove from registration by means of a post-effective amendment
                  any of the
                  securities being registered which remain unsold at the termination
                  of the
                  offering.
The
        Registrant hereby undertakes that, for purposes of determining any liability
        under the Securities Act, each filing of the Registrant's annual report pursuant
        to Section 13(a) or Section 15(d) of the Exchange Act that is
        incorporated by reference in to the Registration Statement shall be deemed
        to be
        a new registration statement relating to the securities offered therein,
        and the
        offering of such securities at that time shall be deemed to be the initial
        bona
        fide offering thereof.
Insofar
        as indemnification for liabilities arising under the Securities Act may be
        permitted to directors, officers and controlling persons of the Registrant
        pursuant to the foregoing provisions, or otherwise, the Registrant has been
        advised that in the opinion of the SEC such indemnification is against public
        policy as expressed in the Securities Act and is, therefore, unenforceable.
        In
        the event that a claim for indemnification against such liabilities (other
        than
        the payment by the Registrant of expenses incurred or paid by a director,
        officer or controlling person of the Registrant in the successful defense
        of any
        action, suit or proceeding) is asserted by such director, officer or controlling
        person in connection with the securities being registered, the Registrant
        will,
        unless in the opinion of its counsel the matter has been settled by controlling
        precedent, submit to a court of appropriate jurisdiction the question whether
        such indemnification by it is against public policy as expressed in the
        Securities Act and will be governed by the final adjudication of such
        issue.
5
SIGNATURES
Pursuant
        to the requirements of Section 13 or 15(d) of the Securities Exchange Act
        of 1934, the Registrant has duly caused this report to be signed on its behalf
        by the undersigned, thereunto duly authorized, on the 19th day of
        September, 2006.
ROYAL
                        FINANCIAL, INC.
By:
/s/
                        Donald A. Moll
Donald
                          A. Moll
President
                          and Chief Executive Officer
KNOW
        ALL
        PERSONS BY THESE PRESENTS, that each person whose signature appears below
        hereby
        constitutes and appoints Alan W. Bird and Donald A. Moll, and each of them,
        the
        true and lawful attorney-in-fact and agents of the undersigned, with full
        power
        of substitution and resubstitution, for and in the name, place and stead
        of the
        undersigned, to sign any and all amendments to this Registration Statement,
        and
        to file the same, with all exhibits thereto and other documents in connection
        therewith, with the Securities and Exchange Commission, and hereby grants
        to
        such attorneys-in-fact and agents, and each of them, full power and authority
        to
        do and perform each and every act and thing requisite and necessary to be
        done,
        as fully as to all intents and purposes as each of the undersigned might
        or
        could do in person, hereby ratifying and confirming all that said
        attorneys-in-fact and agents, or any of them, or their or his substitutes,
        may
        lawfully do or cause to be done by virtue hereof.
Pursuant
        to the requirements of the Securities Exchange Act of 1933, this report has
        been
        signed below by the following persons on behalf of the Company and in the
        capacities and on the dates indicated.
SIGNATURE
TITLE
DATE
/s/
Alan
                    W. Bird
Alan
                    W. Bird
Chairman
                      of the Board
September 19,
                      2006
/s/
                      Donald A. Moll
Donald
                      A. Moll
President,
                        Chief Executive Officer and Director (principal executive
                        officer)
September 19,
                        2006
/s/
                          Leonard Szwajkowski
Leonard
                          Szwajkowski
Senior
                            Vice President and Chief Financial Officer (principal
                            financial and
                            accounting officer)
September 19,
                            2006
/s/
                          John T. Dempsey
John
                          T. Dempsey
Director
September 19,
                            2006
/s/
                              Barbara K. Minster
Barbara
                              K. Minster
Director
September 19,
                                2006
/s/
                                  Peter C. Rolewicz
Peter
                                  C. Rolewicz
Director
September 19,
                                    2006
/s/
                                      Rodolfo Serna
Rodolfo
                                      Serna
Director
September 19,
                                        2006
INDEX
        TO EXHIBITS
Exhibit
Number
Description
                  of Exhibit
4.1
Certificate
                  of Incorporation of Royal Financial, Inc. (filed as an exhibit
                  to the
                  Registrant's registration statement on Form SB-2 (File
                  No. 333-119138) and incorporated herein by reference).
4.2
Bylaws
                  of Royal Financial, Inc. (filed as an exhibit to the Registrant's
                  registration statement on Form SB-2 (File No. 333-119138) and
                  incorporated herein by reference).
4.3
Royal
                  Financial, Inc. 2005 Stock Option Plan (filed as an appendix to
                  the
                  Registrant's proxy statement for its 2005 annual meeting of stockholders
                  and incorporated herein by reference).
4.4
Royal
                  Financial, Inc. 2005 Management Recognition and Retention Plan
                  and Trust
                  Agreement (filed as an appendix to the Registrant's proxy statement for
                  its 2005 annual meeting of stockholders and incorporated herein
                  by
                  reference).
5.1
Opinion
                  of Vedder, Price, Kaufman & Kammholz, P.C.
23.1
Consent
                  of Crowe Chizek and Company LLC.
23.2
Consent
                  of Vedder, Price, Kaufman & Kammholz, P.C. (included in
                  Exhibit 5.1).
24.1
Powers
                  of Attorney (included on the signature page of this Registration
                  Statement).