CORRECTING and REPLACING -- Riverview Bancorp Announces CEO Succession Plan
January 12 2018 - 12:45PM
In a release issued under the same headline earlier today by
Riverview Bancorp, Inc. (Nasdaq:RVSB), please note that the
dateline city of the release has been corrected to VANCOUVER,
Wash. The complete corrected release follows:
Riverview Bancorp, Inc. (Nasdaq:RVSB) (the
“Company”), the holding company for Riverview Community Bank (the
“Bank” and collectively “Riverview”), today announced that,
effective April 2, 2018, Patrick Sheaffer will be retiring as
President and Chief Executive Officer of the Company and the Bank.
Mr. Sheaffer will continue to serve as Chairman of the Board
of both the Company and the Bank. Kevin Lycklama, currently
Executive Vice President and Chief Operating Officer, will succeed
him as President and Chief Executive Officer of the Company and the
Bank. With the transition, Mr. Lycklama will join the Board of
Directors.
Patrick Sheaffer joined the Bank in 1963 and
became its Chief Executive Officer in 1976, a director in 1979 and
Chairman of the Board in 1993. Mr. Sheaffer served as
Chairman of the Board, President and Chief Executive Officer of the
Company since its inception in 1997.
“Pat’s leadership and dedication are evident in
the success Riverview has experienced during his tenure. He is
responsible for taking the Company public in 1997, guiding us
through multiple recessions and contributing to the growth of
Riverview from seven employees and $6.5 million in assets at
December 31, 1963 to $1.1 billion in assets and over 250 employees
at September 30, 2017,” stated Mr. Lycklama. “I look forward to
continuing Pat’s efforts in the successful operation of the Company
and moving forward with our established strategic plan.”
“It has been an honor to have served Riverview
for almost 55 years,” said Sheaffer. “Throughout my career, I have
been fortunate to work with an outstanding group of banking
professionals, and I am extremely proud of what we have
accomplished together. Riverview has always maintained a strong
commitment to serve our customers, communities, shareholders and
employees.”
“As CEO, Pat has been an inspirational leader,
built a terrific executive management team and guided the Company
successfully through the worst economic crisis in recent history,”
said Gerald L. Nies, Vice-Chairman of the Board. “On behalf of the
Board of Directors, I want to express our sincere appreciation to
Pat for the leadership and guidance that he has provided. We
will continue to look for his expertise as Chairman of the
Board.”
“As we look to the future, the Board’s focus has
been to identify the right leader to build on Riverview’s strong
foundation, and Kevin is clearly that person,” said Sheaffer.
“Kevin has been a driving force of our executive management team
for the past decade and has been instrumental in the Company's
growth and success. His commitment to our customers, employees and
the community are totally aligned with our values and approach to
doing business. I am confident that Kevin’s talent, energy, and
banking experience, along with the strong management team we have
built, will lead Riverview to new levels of success. I’m excited to
provide my support from the Board Room and watch Kevin continue his
strong leadership of our organization.”
Kevin Lycklama, age 40, joined the Bank in 2006
and served as Executive Vice President and Chief Financial Officer
of the Company from February 2008 to July 2017 and Chief Operating
Officer since July 2017. Prior to joining Riverview, Kevin
was an audit manager for an Oregon CPA firm. Mr. Lycklama has been
a key part of our investor relations team, led the recent
transaction with MBank and assisted in the Company’s secondary
public offering. He holds a Bachelor degree from Washington State
University, is a graduate of the Pacific Coast Banking School and
is a certified public accountant.
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 $1.15 billion at
September 30, 2017, it is the parent company of the 94 year-old
Riverview Community Bank, as well as Riverview Trust Company. The
Bank offers true community banking services, focusing on providing
the highest quality service and financial products to commercial
and retail customers. There are 19 branches, including 14 in the
Portland-Vancouver area and three lending centers.
This press release contains statements that the
Company believes are “forward-looking statements.” These statements
relate to the Company’s financial condition, results of operations,
plans, objectives, future performance or business. You should not
place undue reliance on these statements, as they are subject to
risks and uncertainties. When considering these forward-looking
statements, you should keep in mind these risks and uncertainties,
as well as any cautionary statements the Company may make.
Moreover, you should treat these statements as speaking only as of
the date they are made and based only on information then actually
known to the Company.
Contacts:Pat Sheaffer or Kevin LycklamaRiverview Bancorp, Inc.
360-693-6650
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