VANCOUVER, Wash., June 21, 2007 (PRIME NEWSWIRE) -- Riverview Bancorp (Nasdaq:RVSB) today announced that its Board of Directors has authorized the repurchase of up to 750,000 shares of its common stock, representing approximately 6.4% 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.
"During the first quarter of fiscal 2008 we repurchased 165,000 shares under the prior board approved plan of up to 250,000 shares," said Pat Sheaffer, Chairman and CEO. "We believe repurchasing one million shares of our stock affirms our optimism for the future and offers and builds long-term value for our shareholders."
Last month, Riverview reported net income in fiscal 2007 increased 19% to $11.6 million, or $1.01 per diluted share, compared to $9.7 million, or $0.86 per diluted share in fiscal 2006. Assets grew 7% to $820 million, deposits increased 10% to $665 million and loans grew 10% to $683 million during the twelve months ending March 31, 2007.
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington -- just north of Portland, Oregon on the I-5 corridor. With assets of $820 million, it is the parent company of the 84 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, three 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.
Riverview Bancorp, Inc. Pat Sheaffer Ron Wysaske 360-693-6650