Riverview Bancorp, Inc. Announces Stock Repurchase Program

Rhea-AI Summary

Riverview Bancorp (RVSB) announced a stock repurchase program allowing the company to buy back up to $2.5 million of its shares from November 28, 2022, to May 28, 2023, depending on market conditions. This initiative aims to enhance shareholder value. The Board has authorized creating a Rule 10b5-1 plan with Keefe, Bruyette & Woods to facilitate these repurchases even during trading restrictions. As of September 30, 2022, Riverview had $1.68 billion in assets and operates 17 branches, focusing on high-quality community banking services.

Positive

• Authorization of a $2.5 million stock repurchase program, signaling confidence in the company's future.
• Implementation of a Rule 10b5-1 plan to facilitate share repurchases, enhancing operational efficiency.
• Strong asset base of $1.68 billion as of September 30, 2022, indicating financial stability.

Negative

• None.

VANCOUVER, Wash., Nov. 17, 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 $2.5 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 November 28, 2022 continuing until the earlier of the completion of the repurchase or May 28, 2023, 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 September 30, 2022, it is the parent company of the 99-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 the stock repurchase program announced by Riverview Bancorp?

Riverview Bancorp announced a stock repurchase program allowing the company to buy back up to $2.5 million in shares from November 28, 2022, to May 28, 2023.

How will Riverview Bancorp's Rule 10b5-1 plan affect stock repurchases?

The Rule 10b5-1 plan will enable Riverview to conduct share repurchases even during trading restrictions, maximizing opportunities to buy back stock.

What is the expected impact of Riverview Bancorp's buyback program on its stock?

The stock buyback program is expected to enhance shareholder value and could potentially lead to a positive stock price movement.

When does Riverview Bancorp plan to start and complete the stock repurchase?

The stock repurchase program will commence on November 28, 2022, and continue until May 28, 2023, or until the repurchase amount is exhausted.