Riverview Bancorp, Inc. Announces Stock Repurchase Program

Rhea-AI Summary

Riverview Bancorp, Inc. (RVSB) announced a stock repurchase program of up to $5 million to buy back outstanding shares from March 21, 2022, until September 9, 2022, depending on market conditions. The Board authorized management to execute a trading plan under Rule 10b5-1, allowing shares to be repurchased during restricted periods. Riverview has total assets of $1.68 billion as of December 31, 2021, and operates 17 branches in the Portland-Vancouver area, emphasizing community banking.

Positive

• Stock repurchase program of up to $5 million may enhance shareholder value.
• Management authorized a trading plan to facilitate effective share buybacks.

Negative

• None.

VANCOUVER, Wash., March 09, 2022 (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 March 21, 2022 continuing until the earlier of the completion of the repurchase or September 9, 2022, 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 $1.68 billion at December 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 17 branches, including 13 in the Portland-Vancouver area, and three lending centers. For the past nine 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
	Riverview Bancorp, Inc. 360-693-6650
	kevinlycklama@riverviewbank.com

FAQ

What is Riverview Bancorp's stock repurchase program for RVSB?

Riverview Bancorp's stock repurchase program allows for up to $5 million in buybacks over a period from March 21, 2022, to September 9, 2022.

How might the stock buyback affect RVSB's stock price?

The stock buyback could potentially increase RVSB's stock price by reducing the number of shares outstanding, thus enhancing shareholder value.

What is the purpose of the trading plan authorized by Riverview's Board?

The trading plan is designed to facilitate share buybacks even during periods when the company is restricted from trading due to insider information.