SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MCSWIGGAN JAMES J

(Last)

(First)

(Middle)

211 TWININGS LANE

(Street)

WAYNE, PA 19087

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ROYAL BANCSHARES OF PENNSYLVANIA INC [ RBPAA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Royal Bancshares of Pennsylvania Class A Common	07/31/2006		P		3,828	A	$9.583	3,828	D
Royal Bancshares of Pennsylvania Class A Common	07/31/2006		P		2,578	A	$14.471	6,406	D
Royal Bancshares of Pennsylvania Class A Common	07/31/2006		P		3,406	A	$11.117	9,812	D
Royal Bancshares of Pennsylvania Class A Common	07/31/2006		P		3,738	A	$12.319	13,550	D
Royal Bancshares of Pennsylvania Class A Common	07/31/2006		P		12,777	A	$12.501	26,327	D
Royal Bancshares of Pennsylvania Class A Common	07/31/2006		P		9,594	A	$18.802	35,921	D
Royal Bancshares of Pennsylvania Class A Common	07/31/2006		P		6,482	A	$19.19	42,403	D
Royal Bancshares of Pennsylvania Class A Common	07/31/2006		P		9,410	A	$23,501	51,813	D
Royal Bancshares of Pennsylvania Class A Common	07/31/2006		P		2,120	A	$22.982	53,933⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Royal Bancshares of Pennsylvania	$9.583	07/31/2006		M			3,828	04/19/1997	04/19/2007	Royal Bancshares of Pennsylvania Class A Common	3,828	$0	0	D
Royal Bancshares of Pennsylvania	$14.471	07/31/2006		M			2,578	04/19/1998	04/19/2008	Royal Bancshares of Pennsylvania Class A Common	2,578	$0	0	D
Royal Bancshares of Pennsylvania	$11.117	07/31/2006		M			3,406	04/19/1999	04/19/2009	Royal Bancshares of Pennsylvania Class A Common	3,406	$0	0	D
Royal Bancshares of Pennsylvania	$12.319	07/31/2006		M			3,738	04/19/2000	04/19/2010	Royal Bancshares of Pennsylvania Class A Common	3,738	$0	0	D
Royal Bancshares of Pennsylvania	$12.501	07/31/2006		M			12,777	04/19/2001	04/19/2011	Royal Bancshares of Pennsylvania Class A Common	12,777	$0	0	D
Royal Bancshares of Pennsylvania	$18.802	07/31/2006		M			9,594	04/19/2002	04/19/2012	Royal Bancshares of Pennsylvania Class A Common	9,594	$0	2,398	D
Royal Bancshares of Pennsylvania	$19.19	07/31/2006		M			6,482	04/21/2003	04/21/2013	Royal Bancshares of Pennsylvania Class A Common	6,482	$0	4,322	D
Royal Bancshares of Pennsylvania	$23.501	07/31/2006		M			9,410	04/22/2004	04/22/2014	Royal Bancshares of Pennsylvania Class A Common	9,410	$0	14,114	D
Royal Bancshares of Pennsylvania	$22.982	07/31/2006		M			2,120	06/16/2005	06/16/2015	Royal Bancshares of Pennsylvania Class A Common	2,120	$0	8,480⁽¹⁾	D

Explanation of Responses:

1. As of 8/2/06, James J. McSwiggan has a total of 42,862 of unexercised stock options.

2. As of 8/2/06, James J. McSwiggan has a total of 78,629 of Non Derivative Securities

Remarks:

	Kimberly Plisinski, Royal Bancshares of Pennsylvania, as Power of Attorney for James J.McSwiggan	08/02/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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