Riverview Bancorp, Inc. Announces Stock Repurchase Program
February 27 2020 - 9:00AM
Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the
“Company”) headquartered in Vancouver, WA, the holding company
parent of Riverview Community Bank, today announced that its Board
of Directors has adopted a stock repurchase program. Under
this repurchase program, the Company may repurchase up to 500,000
shares of the Company’s outstanding shares, in the open market,
based on prevailing market prices, or in privately negotiated
transactions, over a period beginning on March 12, 2020 continuing
until the earlier of the completion of the repurchase or the next
six months, depending upon market conditions.
The Board of Directors of the Company also
authorized management to enter into a trading plan with Keefe,
Bruyette & Woods, Inc. in accordance with Rule 10b5-1 of the
Securities Exchange Act of 1934, as amended (the “Act”), to
facilitate repurchases of its common stock pursuant to the above
mentioned stock repurchase program (the “Rule 10b5-1 plan”).
The Rule 10b5-1 plan would allow the Company to execute trades
during periods when it would ordinarily not be permitted to do so
because it may be in possession of material non-public information,
because of insider trading laws or self-imposed trading blackout
periods. Under the Rule 10b5-1 plan, Keefe, Bruyette & Woods,
Inc. would have the authority, under the prices, terms and
limitations set forth in the Rule 10b5-1 plan, including compliance
with Rule 10b-18 of the Act, to repurchase shares on the Company’s
behalf.
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 $1.18 billion at
December 31, 2019, it is the parent company of the 96-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 clients through 18 branches, including 14 in the
Portland-Vancouver area, and three lending centers. For the past
six 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.
Contact: |
Kevin Lycklama
or David Lam |
|
Riverview Bancorp, Inc. 360-693-6650 |
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