Riverview Bancorp Declares Quarterly Cash Dividend of $0.02 Per Share

Rhea-AI Summary

Riverview Bancorp (Nasdaq: RVSB) announced a quarterly cash dividend of $0.02 per share, a $0.04 decrease from the previous quarter. The dividend will be paid on July 22, 2024, to shareholders on record as of July 10, 2024. Chairman Gerald L. Nies stated the decision, though difficult, aligns with the company's short-term and long-term objectives. Riverview Bancorp, headquartered in Vancouver, Washington, has assets totaling $1.52 billion as of March 31, 2024. The company offers community banking services through its 17 branches in the Portland-Vancouver area.

Positive

• Riverview Bancorp continues to offer dividends, indicating ongoing commitment to shareholder returns.

Negative

• The quarterly dividend was reduced by $0.04 per share compared to the previous quarter, potentially signaling financial caution or challenges.

VANCOUVER, Wash., June 28, 2024 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today announced that on June 26, 2024, its Board of Directors approved a quarterly cash dividend of $0.02 per share, which is a $0.04 decrease compared to the preceding quarter. The dividend is payable on July 22, 2024, to shareholders of record as of July 10, 2024.

“We recognize the importance and impact of the dividend reduction to all of our shareholders, and it was a difficult decision. We believe this is the prudent decision as it allows us to continue to execute on both our short-term and long-term objectives,” said 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 $1.52 billion at March 31, 2024, it is the parent company of the 101-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 clients. There are 17 branches, including 13 in the Portland-Vancouver area and three lending centers. For the past 10 years, Riverview Bank 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 including those described in 1A (Risk Factors) of the Company’s Form 10-K for the fiscal year ended March 31, 2023. 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.

Contacts:
Dan Cox and David Lam
Riverview Bancorp, Inc. 360-693-6650

FAQ

What is the new dividend amount declared by Riverview Bancorp for Q3 2024?

Riverview Bancorp declared a quarterly cash dividend of $0.02 per share.

When is the Riverview Bancorp (RVSB) dividend payment date?

The dividend payment date is July 22, 2024.

What was the previous dividend amount for Riverview Bancorp (RVSB)?

The previous quarterly dividend amount was $0.06 per share.

Why did Riverview Bancorp reduce its dividend for Q3 2024?

According to Chairman Gerald L. Nies, the dividend reduction is a prudent decision to support the company's short-term and long-term objectives.

What is the record date for Riverview Bancorp's Q3 2024 dividend?

The record date for the dividend is July 10, 2024.