Riverview Bancorp, Inc. Announces Pricing of $18 Million Public Offering of Common Stock
July 30 2010 - 1:20AM
Business Wire
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.
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