VANCOUVER, Wash. – Riverview Bancorp, Inc. (NASDAQ: RVSB), the parent company of Riverview Bank, has initiated a stock repurchase program authorized by its Board of Directors. This program allows for the buyback of up to $2 million of its outstanding common stock through open market purchases or privately negotiated transactions.
The repurchase initiative will continue until the full amount of stock has been repurchased or 12 months have passed since the program's effective date, subject to market conditions. Nicole Sherman, President and CEO of Riverview, believes that repurchasing stock strategically utilizes excess capital to enhance shareholder value.
Riverview Bancorp has also entered into a trading plan with Keefe, Bruyette & Woods, Inc., under Rule 10b5-1 of the Securities Exchange Act of 1934. This plan allows for stock repurchases even during periods when the company may be restricted from doing so. Keefe, Bruyette & Woods, Inc. has been authorized to execute repurchases on behalf of Riverview under this plan.
While there is no guarantee on the exact number of shares to be repurchased, the company retains the right to suspend or terminate the program at any time.
With $1.54 billion in assets as of June 30, 2024, Riverview Bancorp is headquartered in Vancouver, Washington, and operates Riverview Bank and Riverview Trust Company. The bank has received local recognition as the 'Best Bank' for 11 consecutive years.
Recent changes in leadership and governance at Riverview Bancorp include the reelection of directors and the appointment of Nicole Sherman as the new President and CEO. Sherman brings over 25 years of experience in community banking and mergers and acquisitions to her new role.
InvestingPro Insights
Riverview Bancorp has a history of commitment to shareholder returns, as shown by its consistent dividend payments over the past decade. The company's latest move to repurchase stock aligns with this commitment and may enhance shareholder value. Additionally, with a strong return in the last three months, investors may find the stock's recent performance appealing.
InvestingPro Data reveals key metrics about Riverview's financial position, including a market capitalization of 98.1 million USD. Despite a high P/E ratio, the company's price/book ratio indicates potential undervaluation based on its book value.
InvestingPro's Fair Value estimate of 5.39 USD suggests a positive outlook for Riverview Bancorp, offering investors an opportunity for value appreciation. For further analysis and insights, investors can access additional tips on Riverview Bancorp through the InvestingPro platform.
For a comprehensive understanding of Riverview Bancorp's financials and market performance, investors can explore 7 InvestingPro Tips tailored for the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Analysis: Riverview Bancorp, Inc. has announced a stock repurchase program to buy back up to $2 million of its outstanding common stock. This strategic move aims to enhance shareholder value and aligns with the company's commitment to returning value to investors. The appointment of a new President and CEO, Nicole Sherman, further emphasizes Riverview's focus on effective leadership and strategic growth. Investors may benefit from exploring the stock's recent performance and financial metrics to make informed investment decisions.