VANCOUVER, Wash., Jan. 30, 2006 (PRIMEZONE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) today announced that it has repurchased 50,000 shares of its common stock in the open market at $24.50 per share. In July 2005, the Board of Directors authorized the repurchase of up to 5% of common stock outstanding, representing approximately 290,000 shares.
"We are committed to building shareholder value and believe repurchasing our stock is an effective way to manage capital," said Patrick Sheaffer, Chairman and CEO.
Earlier this month, Riverview Bancorp reported record net income of $2.7 million, or $0.48 per diluted share, for the third fiscal quarter of 2006. Assets grew 36% to $739 million, total deposits increased 38% to $592 million and loans grew 50% to $600 million from year ago levels.
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington -- just north of Portland, Oregon on the I-5 corridor. With assets of $739 million, it is the parent company of the 82-year-old Riverview Community Bank, as well as Riverview Mortgage and Riverview Asset Management Corp. There are 17 branches, including ten in fast-growing Clark County, and one lending center. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. On April 22, 2005, the Company completed its acquisition of American Pacific Bank (Nasdaq:AMPB), based in Portland, Oregon, with assets of $125 million.
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.