VANCOUVER, Wash., Dec. 30, 2008 (GLOBE NEWSWIRE) -- Riverview Bancorp (Nasdaq:RVSB) today announced that no dividend would be paid on shares of Riverview common stock for the fiscal third quarter.
"The Board of Directors of Riverview determined that with continued deterioration in the general economy, it is prudent to maintain a conservative approach to capital management, particularly at this time," said Pat Sheaffer, Chairman and CEO. "We have paid cash dividends for more than a decade and are committed to resuming this important payout as soon as is feasible. We are positioned to withstand the current difficult economic environment, with a solid capital position, an experienced and dedicated team of banking professionals and a loyal customer base built over the past eighty-five years. The company's most recent risk-based capital ratio at September 30, 2008, was 10.70%, and considered 'well-capitalized' for regulatory purposes. This action will help to maintain the strength of the company, allowing it to take advantage of opportunities that present themselves as national and regional economic recovery begins to occur."
The company plans to report third fiscal quarter 2009 results after close of the market on January 29, 2009.
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 $896 million, it is the parent company of the 85 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 four lending centers. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers.
Statements concerning future performance, developments or events, concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements, which are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated objectives. These factors include but are not limited to: RVSB's ability to acquire shares according to internal repurchase guidelines, regional economic conditions and the company's ability to efficiently manage expenses. Additional factors that could cause actual results to differ materially are disclosed in Riverview Bancorp's recent filings with the SEC, including but not limited to Annual Reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.