Riverview Community Bank Completes Transaction With MBank
February 17 2017 - 9:00PM
Riverview Bancorp, Inc. (NASDAQ:RVSB) (“Riverview Bancorp”), and
its wholly owned subsidiary, Riverview Community Bank
(“Riverview”), today announced that it completed the previously
announced purchase and assumption transaction with Merchants
Bancorp and its wholly owned subsidiary, MBank. In connection
with the transaction, Riverview acquired approximately $115 million
in net loans and assumed certain liabilities, including
approximately $133 million of MBank’s customer deposits. Riverview
Bancorp also assumed the obligations of Merchants Bancorp’s trust
preferred securities.
“We are pleased to announce the completion of
this transaction and want to welcome the MBank customers and
employees to Riverview. This transaction provided us a unique
opportunity to expand our market presence in Oregon and our broader
branching network will allow us to better serve our new and
existing customers,” said Pat Sheaffer, chairman and chief
executive officer of Riverview.
About Riverview Bancorp,
Inc.:
Riverview Bancorp, Inc. (www.riverviewbank.com)
is headquartered in Vancouver, Washington – just north of Portland,
Oregon on the I-5 corridor. With assets of $986 million at December
31, 2016, it is the parent company of the 93 year-old Riverview
Community Bank, as well as Riverview Trust Company. The Bank offers
true community banking services, focusing on providing the highest
quality service and financial products to commercial and retail
customers. There are 19 branches, including 14 in the
Portland-Vancouver area and three lending centers. For the past
three years, Riverview has been named Best Bank by the readers of
The Vancouver Business Journal, The Columbian and The Gresham
Outlook.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The forward-looking statements in the
preceding paragraphs are based on our current expectations and
assumptions regarding our business, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Our actual
results may differ materially from those contemplated by the
forward-looking statements. We caution you therefore against
relying on any of these forward-looking statements. They are
neither statements of historical fact nor guarantees or assurances
of future performance. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include the ability for Riverview to maintain deposit
balances assumed from MBank and earn a positive net interest spread
on those deposits, incremental overhead costs to Riverview, and
other factors set forth as “Risk Factors” at Part II, Item 1A in
the Company’s Form 10-K for the year ended March 31, 2016.
Any forward-looking statement made by us in this
press release speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
Contacts: Pat Sheaffer, Ron Wysaske or Kevin Lycklama
Riverview Bancorp, Inc. 360-693-6650
Riverview Bancorp (NASDAQ:RVSB)
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