Riverview Bancorp, Inc. Announces Pricing Of $18 Million Public Offering Of Common Stock
Riverview Bancorp, Inc. (NASDAQ GSM: RVSB) (“Riverview” or the “Company”), the holding company for Riverview Community Bank (“Bank”), today announced the pricing of an underwritten public offering of 10,041,841 shares of the Company’s common stock at a price to the public of $1.80 per share for gross proceeds of approximately $18.1 million. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $16.3 million.
The Company intends to use the proceeds from the offering to support the growth and related capital needs of Riverview Community Bank, with any remainder for general working capital purposes, which may include quarterly payments of interest on the Company’s junior subordinated debentures.
The Company intends to close the transaction, subject to customary conditions, on or about August 3, 2010.
Wunderlich Securities served as lead manager of the offering and Howe Barnes Hoefer & Arnett served as co-manager. The Company has granted the underwriters a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any.This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers will be made only by means of a prospectus, copies of which may be obtained from Wunderlich Securities, Attention: Syndicate Department at (800) 726-0557. 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 $863 million, it is the parent company of the 87 year-old Riverview Community Bank, as well as Riverview Mortgage and Riverview Asset Management Corp. There are 17 branches, including ten in Clark County, two in Multnomah County and three lending centers. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. Forward-Looking Statements
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV