Riverview Bancorp Announces Lifting of Riverview Community Bank's Agreement with the Office of the Comptroller of the Currenc...
April 08 2014 - 5:00PM
Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the
"Company") today reported that the Office of the Comptroller of the
Currency ("OCC") has lifted the formal agreement ("Agreement") with
Riverview Community Bank ("Bank"). This action immediately ends the
regulatory restrictions that were contained in the Agreement and no
further reporting under the Agreement is necessary.
"We are pleased that the OCC has acknowledged the significant
improvement in the financial condition and operating results of the
Bank," stated Pat Sheaffer, Chairman and CEO of the Company and the
Bank. "The lifting of the Agreement is a testament to the diligent
efforts of our employees and we're proud that we were able to
accomplish this without any government financial assistance. We
made a commitment to lending $200 million in new loans this year
and our teams will continue to focus on meeting the financial needs
of our retail and small business clients throughout the communities
we serve."
Riverview continues to maintain capital levels in excess of the
regulatory requirements to be categorized as "well capitalized"
with a total risk-based capital ratio of 16.76%, Tier 1 leverage
ratio of 10.42% and tangible common equity to tangible assets of
7.10% at December 31, 2013.
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 $805 million, it is the
parent company of the 90 year-old Riverview Community Bank, as well
as Riverview Asset Management Corp. The Bank offers true community
banking services, focusing on providing the highest quality service
and financial products to commercial and retail customers. There
are 18 branches, including thirteen in the Portland-Vancouver area
and three lending centers.
Forward-Looking Statements:
Statements in this news release regarding future events,
performance or results are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
("PSLRA") and are made pursuant to the safe harbors of the PSLRA.
These forward-looking statements relate to, among other things,
expectations of the business environment in which the Company
operates, projections of future performance, perceived
opportunities in the market, potential future credit experience,
the Company's compliance with regulatory enforcement actions we
have entered into with the Federal Reserve and the possibility that
our noncompliance could result in the imposition of additional
enforcement actions and additional requirements or restriction on
our operations; legislative or regulatory changes that adversely
affect the Company's business including changes in regulatory
policies and principles, or the interpretation of regulatory
capital or other rules; and statements regarding the Company's
mission and vision. These forward-looking statements are based upon
current management expectations and may, therefore, involve risks
and uncertainties. Actual results could be materially different
from those expressed or implied by the forward-looking statements.
Factors that could cause results to differ include but are not
limited to: general economic and banking business conditions,
competitive conditions between banks and non-bank financial service
providers, interest rate fluctuations, the credit risk of lending
activities, including changes in the level and trend of loan
delinquencies and write-offs; results of examinations by our
banking regulators, regulatory and accounting changes, risks
related to construction and development lending, commercial and
small business banking, our ability to successfully integrate any
assets, liabilities, customers, systems, and management personnel
we have acquired or may in the future acquire into our operations
and our ability to realize related revenue synergies and cost
savings within expected time frames, and other risks. Additional
factors that could cause actual results to differ materially are
disclosed in Riverview Bancorp, Inc.'s recent filings with the
Securities and Exchange Commission, including but not limited to
its Annual Report on Form 10-K for the year ended March 31, 2013,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Forward-looking statements are accurate only as of the date
released, and we do not undertake any responsibility to update or
revise any forward-looking statements to reflect subsequent events
or circumstances.
CONTACT: Pat Sheaffer or Ron Wysaske,
Riverview Bancorp, Inc. 360-693-6650
Riverview Bancorp (NASDAQ:RVSB)
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