VANCOUVER, Wash., Sept. 19, 2007 (PRIME NEWSWIRE) -- Riverview Bancorp (Nasdaq:RVSB) today announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share. The dividend will be paid on October 15, 2007, to shareholders of record September 30, 2007.
"A cash dividend is a tangible way for Riverview's shareholders to benefit from the company's continued growth," said Pat Sheaffer, Chairman and CEO. "This is our 40th consecutive quarterly cash dividend and represents an annualized yield of 2.80% based on the recent price."
In July, Riverview reported net income in the first fiscal quarter of 2008 increased 8% to $2.8 million, or $0.25 per diluted share, compared to $2.6 million, or $0.23 per diluted share in the first quarter of fiscal 2007. Assets grew 5% to $832 million and deposits increased 14% to $692 million during the twelve months ending March 31, 2007.
The company plans to report second fiscal quarter 2008 results after the market closes on October 23, 2007, with a conference call the following day. Complete conference call details will be made available in early October.
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington -- just north of Portland, Oregon on the I-5 corridor. With assets of $832 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.