VANCOUVER, Wash., March 22, 2007 (PRIME NEWSWIRE) -- Riverview Bancorp (Nasdaq:RVSB) today announced that its Board of Directors has authorized the repurchase of up to 250,000 shares of its common stock, representing approximately 2% of outstanding shares. Under the plan, shares may be repurchased by the company in open market purchases. The extent to which the company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations.
"We believe repurchasing our stock affirms our optimism for the future and offers a means to build long-term value for our shareholders," said Pat Sheaffer, Chairman and CEO. On January 23, 2007, Riverview reported fiscal third quarter net income increased 18% compared to a year earlier, to $3.2 million, or $0.28 per diluted share, on revenues of $11.7 million for the quarter, up 10% from a year earlier. Assets grew 13% to $836 million, deposits increased 10% to $651 million and loans grew 16% to $697 million during the twelve months ending December 31, 2006.
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington -- just north of Portland, Oregon on the I-5 corridor. With assets of $836 million, it is the parent company of the 83 year-old Riverview Community Bank, as well as Riverview Mortgage and Riverview Asset Management Corp. There are 18 branches, including ten in fast growing Clark County, four in the Portland metropolitan area 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.