CLEVELAND, May 23, 2017 /PRNewswire/ -- Ancora Advisors LLC
is pleased to announce that Jim
Chadwick will be stepping off of the board of Riverview
Bancorp (NASDAQ: RVSB). Ancora believes that based on the company's
successful operating and stock price performance since joining the
board, Riverview has earned its independence. Ancora believes the
initial appeal to sell the bank due to long term underperformance
of the bank's business and stock has been mitigated by actions
taken by management and the board. Additionally, Ancora believes
that based on the bank's 2018 forecast, independence should be
pursued by the bank. However, Ancora does think the board should
take the advice of some of its more market savvy directors and go
further with its cost cutting plans that could add an additional
$0.10+ per share to earnings.
"While the relationship has at times been contentious and we
have proven each other wrong on many occasions, I am pleased with
the results the company has been able to achieve," said
Jim Chadwick. "This is the ideal
situation for a firm like ours; the bank has made the tough choices
to justify its independence and we applaud them for doing so," said
Fred DiSanto, Chairman and CEO of
Ancora.
Ancora recently reduced its position in Riverview to below
5% of the outstanding shares. Ancora continues to believe that
Riverview's shares are undervalued at current price levels. Ancora
maintains a material investment in the company; in the event the
company's value weakens and/or operating performance deteriorates
significantly, in the words of Arnold Schwarzenegger "We'll be
back" ...
About Ancora Advisors
Ancora Advisors LLC is a registered investment adviser with the
Securities and Exchange Commission of the United
States. Ancora offers comprehensive investment solutions for
institutions and individuals in the areas of fixed income,
equities, global asset allocation, alternative investments and
retirement plans. A more detailed description of the company, its
management and practices are contained in its "Firm Brochure" (Form
ADV, Part 2A). A copy of this form may be received by contacting
the company at: 6060 Parkland Boulevard, Suite 200 Cleveland, Ohio 44124, Phone: 216-825-4000, or
by visiting the website, www.ancora.net/adv.
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SOURCE Ancora Advisors LLC