Riverview Bancorp, Inc. Announces Stock Repurchase Program
June 10 2021 - 5:35PM
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 $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 beginning on June 21, 2021 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 $1.55 billion at March
31, 2021, it is the parent company of the 98-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 16 branches, including 12 in the Portland-Vancouver
area, and three lending centers. For the past seven 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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