Riverview Bancorp, Inc. (NASDAQ GSM: RVSB) (?Riverview? or the
?Company?), the holding company for Riverview Community Bank (?Bank?),
today announced the pricing of an underwritten public offering of
10,041,841 shares of the Company's common stock at a price to the public
of $1.80 per share for gross proceeds of approximately $18.1 million.
The net proceeds to the Company after deducting underwriting discounts
and commissions and estimated offering expenses are expected to be
approximately $16.3 million.
The Company intends to use the proceeds from the offering to support the
growth and related capital needs of Riverview Community Bank, with any
remainder for general working capital purposes, which may include
quarterly payments of interest on the Company's junior subordinated
debentures.
The Company intends to close the transaction, subject to customary
conditions, on or about August 3, 2010.
Wunderlich Securities served as lead manager of the offering and Howe
Barnes Hoefer & Arnett served as co-manager. The Company has granted the
underwriters a 30-day option to purchase up to an additional 15% of the
shares sold to cover over-allotments, if any.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
offer or sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. Offers
will be made only by means of a prospectus, copies of which may be
obtained from Wunderlich Securities, Attention: Syndicate Department at
(800) 726-0557.
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 $863 million, it is the
parent company of the 87 year-old Riverview Community Bank, as well as
Riverview Mortgage and Riverview Asset Management Corp. There are 17
branches, including ten in Clark County, two in Multnomah County and
three lending centers. The Bank offers true community banking services,
focusing on providing the highest quality service and financial products
to commercial and retail customers.
Forward-Looking Statements
This press release includes forward-looking statements within the
meaning of the "Safe-Harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements are necessarily subject
to risk and uncertainty and actual results could differ materially due
to various risk factors, including those set forth from time to time in
our filings with the SEC. You should not place undue reliance on
forward-looking statements and we undertake no obligation to update any
such statements.
Riverview Bancorp, Inc.
Pat Sheaffer or Ron Wysaske, 360-693-6650
