Riverview Bancorp, Inc. Announces Stock Repurchase Program

Rhea-AI Summary

Riverview Bancorp, Inc. (RVSB) announced the adoption of a stock repurchase program allowing the company to buy back up to $5 million of its shares over the next six months. This program can be executed in open market transactions or privately negotiated deals. Additionally, the company will implement a trading plan with Keefe, Bruyette & Woods, Inc. under Rule 10b5-1 to facilitate these repurchases during blackout periods. The initiative is expected to enhance shareholder value by reducing the number of outstanding shares.

Positive

• Adoption of a $5 million stock repurchase program to enhance shareholder value.
• Implementation of a Rule 10b5-1 trading plan allows for share buybacks during blackout periods.

Negative

• None.

VANCOUVER, Wash., June 10, 2021 (GLOBE NEWSWIRE) -- 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

FAQ

What is the amount of Riverview Bancorp's stock repurchase program?

Riverview Bancorp's stock repurchase program allows for the buyback of up to $5 million of its shares.

When will Riverview Bancorp begin its stock buyback program?

The stock buyback program will commence on June 21, 2021.

What is the purpose of Riverview Bancorp's stock repurchase program?

The purpose of the stock repurchase program is to enhance shareholder value by reducing the number of outstanding shares.

Who will facilitate Riverview Bancorp's stock repurchases?

Riverview Bancorp will work with Keefe, Bruyette & Woods, Inc. under a trading plan to facilitate stock repurchases.

How long will the stock repurchase program last?

The stock repurchase program will last until the earlier of its completion or six months from its start date.