Riverview Bancorp, Inc. Announces Closing of $18 Million Public Offering of Common Stock
August 03 2010 - 4:52PM
Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the
"Company"), the holding company for Riverview Community Bank
("Bank"), announced today that it has raised approximately $18
million through its previously announced public offering by issuing
10,041,841 shares of the Company's common stock at a public
offering price of $1.80 per share. The net proceeds to the Company
after deducting underwriting discounts and commissions and
estimated offering expenses are expected to be $16.3
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, which may include quarterly payments of interest
on the Company's junior subordinated debentures.
Wunderlich Securities is serving as lead manager of the offering
and Howe Barnes Hoefer & Arnett is serving 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 at June 30, 2010, 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.
CONTACT: Riverview Bancorp, Inc.
Pat Sheaffer
Ron Wysaske
360-693-6650
Riverview Bancorp (NASDAQ:RVSB)
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