Riverview Bancorp Announces Commencement of Common Stock Offering
July 16 2010 - 8:00AM
Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or "Company"),
the holding company for Riverview Community Bank, today announced
that it has commenced an underwritten public offering of 8,368,201
shares of its common stock. Based on the closing price of the
Company's common stock on July 13, 2010, the offering would result
in gross proceeds to the Company of approximately $20.0 million.
The Company expects to use the net proceeds from the offering to
support the growth and related capital needs of Riverview Community
Bank, with any remainder for general working capital purposes.
Wunderlich Securities and Howe Barnes Hoefer &
Arnett are serving as co-managers of the offering. The Company
intends to grant the underwriters a 30-day option to purchase up to
an additional 15% of the shares of common stock sold to cover
over-allotments, if any.
A registration statement relating to these
securities has been filed with the Securities and Exchange
Commission ("SEC"), but has not yet become effective. These
securities may not be sold, nor may offers to buy be accepted,
prior to the time the registration statement becomes effective. The
registration statement on Form S-1 may be accessed through the
website of the SEC at www.sec.gov. Alternatively, copies of the
prospectus relating to this offering may be obtained from
Wunderlich Securities, Attention: Syndicate Department at (800)
726-0557.
This announcement shall not constitute an offer to
sell or the solicitation of an offer to buy any securities, nor
shall there be any offer or sale of any securities, in any state or
jurisdiction in which the offer, solicitation, or sale of
securities would be unlawful. Any offers, solicitations of offers
to buy, or sales of securities will only be made pursuant to the
registration statement filed with the SEC, including the related
prospectus.
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 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
Certain statements contained in this press release may be deemed
to be forward-looking statements under federal securities laws, and
Riverview Bancorp, Inc. intends that such forward-looking
statements be subject to the safe harbor created thereby. Such
forward-looking statements include, but are not limited to,
statements regarding the proposed public offering and the
anticipated use of proceeds of the offering. Riverview Bancorp,
Inc. cautions that these statements are qualified by important
factors that could cause actual results to differ materially from
those reflected by the forward-looking statements contained herein.
Such factors include (a) changes in market conditions or in prices
of the Company's common stock; (b) changes in the market for the
Company's products and services; and (c) other risks as detailed in
the prospectus referred to above and in the Riverview Bancorp,
Inc.'s Annual Report on Form 10-K for the year ended March 31,
2010, and subsequent filings with the Securities and Exchange
Commission.
CONTACT: Riverview Bancorp, Inc.
Pat Sheaffer
Ron Wysaske
360-693-6650
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