Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 22, 2023

RIVERVIEW BANCORP, INC.

(Exact name of registrant as specified in its charter)

	Washington		000-22957		91-1838969
	(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

	900 Washington Street, Suite 900, Vancouver, Washington		98660
	(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (360) 693-6650

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, Par Value $0.01 per share		RVSB		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) Riverview Bancorp, Inc. (the “Company”) and its financial institution subsidiary, Riverview Bank (“Bank”), announced that Steve Plambeck is retiring as Executive Vice President and Chief Lending Officer at the Company and the Bank effective September 1, 2023. Mr. Plambeck joined Riverview in 2011 and has held the position of Executive Vice President and Chief Lending Officer of the Bank since March 2018.

(c) As a result of Mr. Plambeck’s retirement, Michael Sventek, age 60, was appointed as the Executive Vice President and Chief Lending Officer of the Bank, effective August 21, 2023. Mr. Sventek has over 32 years of community banking experience, having most recently served as Commercial Banking Market Director for Umpqua Bank, Greater Oregon from 2021-2023. Prior to that, he served as Commercial Banking President for BBVA USA in Northern Arizona from 2011-2021. Throughout his career, Mr. Sventek served as a highly visible finance leader for community banks and brings a vast amount of experience in commercial banking and lending. Mr. Sventek graduated with a Bachelor of Science in Computer Science Engineering from Northern Arizona University, and is a graduate of the Pacific Coast Banking School.

Robert Benke, age 53, who has served as Senior Credit Administrator of the Bank since March 2016, was promoted to Executive Vice President and Chief Credit Officer of the Bank, effective August 21, 2023. Mr. Benke joined Riverview in July 2004 and spent five years as a commercial lender and progressed through the credit administration function starting in 2012 most recently serving as Senior Vice President of Credit Administration. He is responsible for credit administration related to the Bank’s commercial, and consumer loan activities. He holds a Master’s in Business Administration from Washington State University, a Bachelor of Arts in Physics from Whitman College, and is a 2015 graduate of the Pacific Coast Banking School. Mr. Benke is an active board member of the Washington State University – Vancouver MAP Program.

Dan Cox , age 45, who is currently serving as Acting President and Chief Executive Officer was promoted to Chief Operating Officer of the Company and the Bank, effective August 21, 2023. In his new role, he will be responsible for the daily operations and management of the Bank. Mr. Cox will also continue to serve as Acting President and Chief Executive Officer. Mr. Cox joined Riverview in August 2002, most recently serving as Executive Vice President and Chief Credit Officer of the Bank, a position he held since 2014, where he was responsible for the Bank’s commercial credit and collection policies, procedures and processes. He graduated Summa Cum Laude from Washington State University – Vancouver with a Bachelor of Arts in Business Administration with a major emphasis in Finance. He graduated with honors from the Pacific Coast Banking School. Mr. Cox is an active mentor in the local schools and was the Past Treasurer and Endowment Chair for the Washougal Schools Foundation and Past Board Member of Camas-Washougal Chamber of Commerce.

For additional information concerning the executive management promotions, please refer to the press release dated August 22, 2023, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release of Riverview Bancorp, Inc. dated August 22, 2023

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RIVERVIEW BANCORP, INC.


Date: August 22, 2023	By: /s/ David Lam
	David Lam Chief Financial Officer (Principal Financial Officer)

Exhibit 99.1

Contacts:	Denise Barr Riverview Bancorp, Inc. 360.903.8250

Riverview Bancorp Announces Executive Management Promotions:

Promotes Daniel Cox to Chief Operating Officer & Robert Benke to EVP/Chief Credit Officer;

Announces Michael Sventek as EVP/Chief Lending Officer

Vancouver, WA – August 22, 2023 - Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Bancorp” or the “Company”) today announced that, as part of its multi-step leadership succession planning process, has promoted a number of senior managers at Riverview Bank (the “Bank” and collectively “Riverview”) and Bancorp.

Daniel Cox has been promoted to Chief Operating Officer of the Bank and Bancorp by the Board of Directors, effective immediately. Mr. Cox will also continue to serve as Acting President and Chief Executive Officer. Mr. Cox has been a member of the executive management team since 2014 in the role of Chief Credit Officer. In his new role, he will be responsible for the daily operations and management of the Bank. Mr. Cox joined Riverview in August 2002, most recently serving as Executive Vice President and Chief Credit Officer of the Bank where he was responsible for the Bank’s commercial credit and collection policies procedures and processes. He graduated Summa Cum Laude from Washington State University – Vancouver with a Bachelor of Arts in Business Administration with a major emphasis in Finance. He is an Honor Roll alum of the Pacific Coast Banking School. Mr. Cox is an active mentor in the local schools and was the Past Treasurer and Endowment Chair for the Washougal Schools Foundation and Past Board Member of Camas-Washougal Chamber of Commerce.

Robert Benke has been promoted to Executive Vice President and Chief Credit Officer, and will oversee all commercial credit and collection policies, procedures and processes of the Bank. He most recently served as Senior Credit Administrator, a position he has held since March 2016. Mr. Benke joined Riverview in July 2004 and spent five years as a commercial lender and progressed through the credit administration function starting in 2012 most recently serving as Senior Vice President of Credit Administration. He is responsible for credit administration related to the Bank’s commercial, and consumer loan activities. He holds a Master’s in Business Administration from Washington State University, a Bachelor of Arts in Physics from Whitman College, and is a 2015 graduate of the Pacific Coast Banking School. Mr. Benke is an active board member of the Washington State University – Vancouver MAP Program.

Michael Sventek joins Riverview as Executive Vice President and Chief Lending Officer of the Bank. Mr. Sventek has over 32 years of experience in community banking, having most recently served as Commercial Banking Market Director for Umpqua Bank. Prior to that, he served as Commercial Banking President for BBVA USA. Throughout his career, Mr. Sventek served as a highly visible finance leader for community banks and brings a vast amount of experience in commercial banking and lending. Mr. Sventek graduated with a Bachelor of Science in Computer Science Engineering from Northern Arizona University, and is a graduate of the Pacific Coast Banking School.

Michael Sventek replaces Steven Plambeck, who will be retiring September 1, 2023. Steven joined Riverview in 2011 and has held the position of Executive Vice President and Chief Lending Officer of the Bank since March 2018.

RVSB Press Release

August 22, 2023

Page 2

“We have built a deep bench of experienced professionals over the years and continue to invest in our people to ensure the long-term success of the Company. I am confident the bankers who are leading our organization are some of the best in the business and are adding value to our organization,” stated Gerald L. Nies, Chairman of the Board.

About Riverview

Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $1.58 billion at June 30, 2023, it is the parent company of the 100-year-old Riverview 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 through 17 branches, including 13 in the Portland-Vancouver area and 3 lending centers. For the past 10 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The 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, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company.

Document and Entity Information	Aug. 22, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 22, 2023
Entity File Number	000-22957
Entity Registrant Name	RIVERVIEW BANCORP, INC.
Entity Central Index Key	0001041368
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1838969
Entity Address, Address Line One	900 Washington Street
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Vancouver
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98660
City Area Code	360
Local Phone Number	693-6650
Title of 12(b) Security	Common Stock, Par Value $0.01 per share
Trading Symbol	RVSB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false