This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Offerings: Riverview Bancorp

BOSTON ( TheStreet) -- Riverview Bancorp (RVSB - Get Report) shares traded higher even after the company announced the commencement of a public offering of common stock.

Riverview Bancorp said it will offer approximately 8.37 million shares of common stock, and that the bank has given underwriters a 30-day option to purchase up to an addition 15% of the shares sold to cover overallotments. Based on the July 13 closing price of $2.39, Riverview expects gross proceeds of approximately $20 million.

Riverview said net proceeds from the offering will be used to support the growth and related capital needs of Riverview Community Bank, with any remainder for general working capital purposes.

The announcement came as Riverview reported first-quarter net income of 16 cents a share, rising sharply from a year-ago profit of 3 cents a share. The bank said it saw improvements in net interest margin, deposit growth, capital levels and credit metrics during the quarter.

Shares of Riverview Bancorp were lately higher by 6 cents, or 2.8%, to $2.41. More than 16,000 shares changed hands in the first few minutes of trading Friday, easily outpacing the average daily share volume of 7,000.

Elsewhere, CIBT Education Group (MBA) filed with the Securities and Exchange Commission to offer 13.75 million shares of common stock at a proposed maximum offering price of 80 cents per share. Net proceeds will be used for potential acquisitions and capital expenditures at its Chinese, Canadian and other Asian operations.

In addition, CIBT Education's filing showed that selling shareholders may sell up to 5 million shares of common stock, although the company will not receive any proceeds from any sale by selling shareholders.

Shares of CIBT Education were up 2 cents, or 3.5%, to 60 cents.

In IPO news, 3-D technology company RealD (RLD) priced its initial public offering of 12.5 million shares at $16 per share. RealD initially had said it would offer 10.75 million shares in an expected range of $13 to $15 per share. Shares began trading on the New York Stock Exchange Friday under the ticker "RLD" and were lately at $19.01.

Meanwhile, business software maker Qlik Tech (QLIK - Get Report) priced its initial public offering of 11.2 million shares of common stock at $10 per share, above the expected range of $8.50 to $9.50 per share.

-- Written by Robert Holmes in Boston.

Follow Robert Holmes on Twitter and become a fan of on Facebook.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
QLIK $30.83 3.20%
RVSB $4.55 0.99%
RLD $0.00 0.00%
AAPL $93.52 -1.40%
FB $116.14 -0.51%


Chart of I:DJI
DOW 17,713.31 -117.45 -0.66%
S&P 500 2,057.71 -18.10 -0.87%
NASDAQ 4,760.3210 -44.97 -0.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs