Riverview Bancorp, Inc. Announces Share Buyback Program
VANCOUVER, Wash., June 10, 2021 (GLOBE NEWSWIRE) – Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) headquartered in Vancouver, WA, parent company of Riverview Community Bank announced today that its board of directors has approved a share buyback program. Under this buyback program, the company may purchase up to $ 5 million of the company’s outstanding shares in the open market based on prevailing market prices or in privately negotiated transactions over a period of the 21st of the completion of the buyback or the next six months, depending on market conditions.
The Board of Directors of the Company also authorized management to enter into a trading plan with Keefe, Bruyette & Woods, Inc. under Rule 10b5-1 of the Stock Exchange Act of 1934, as amended (the “Act”), to repurchase its common stock in accordance with the above the share buyback program (the “Rule 10b5-1 Plan”). The Rule 10b5-1 plan would allow the Company to conduct business during periods of time when it would normally not be permitted because it might be in possession of material non-public information, insider trading laws or self-imposed trading blackouts. Under the Rule 10b5-1 Plan, Keefe, Bruyette & Woods, Inc. would have the authority to act on behalf of Shares in accordance with the prices, conditions and restrictions set forth in the Rule 10b5-1 Plan, including compliance with Rule 10b-18 of the Act to buy back the company.
About Riverview
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – north of Portland, Oregon, on the I-5 corridor. With assets of $ 1.55 billion as of March 31, 2021, it is the parent company of the 98-year-old Riverview Community Bank and the Riverview Trust Company. Providing true community banking services, the bank is focused on delivering quality services and financial products to business and retail customers through 16 branches, including 12 in the Portland-Vancouver area, and three credit centers. For the past seven years, Riverview has been named Best Bank by readers of the Vancouver Business Journal and Columbian.
This press release contains statements that the company believes are “forward-looking statements”. These statements relate to the company’s financial condition, results of operations, plans, goals, future performance, or business. You should not rely on these statements because they are subject to risks and uncertainties. In considering these forward-looking statements, you should consider these risks and uncertainties and any cautionary statements made by the company. In addition, you should treat these statements as meaningful only at the time of their publication and should only be based on information that the company actually knew at that time.
| Contact: | Kevin Lycklama or David Lam |
| Riverview Bancorp, Inc. 360-693-6650 |