VANCOUVER, Wash., July 16, 2010 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or "Company"), the holding company for Riverview Community Bank, today announced that it has commenced an underwritten public offering of 8,368,201 shares of its common stock. Based on the closing price of the Company's common stock on July 13, 2010, the offering would result in gross proceeds to the Company of approximately $20.0 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.
Wunderlich Securities and Howe Barnes Hoefer & Arnett are serving as co-managers of the offering. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold to cover over-allotments, if any.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission ("SEC"), but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The registration statement on Form S-1 may be accessed through the website of the SEC at www.sec.gov. Alternatively, copies of the prospectus relating to this offering may be obtained from Wunderlich Securities, Attention: Syndicate Department at (800) 726-0557.This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of any securities, in any state or jurisdiction in which the offer, solicitation, or sale of securities would be unlawful. Any offers, solicitations of offers to buy, or sales of securities will only be made pursuant to the registration statement filed with the SEC, including the related prospectus.