VANCOUVER, Wash., July 27, 2006 (PRIMEZONE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) today announced that its Board of Directors has declared a two-for-one stock split in the form of a 100% stock dividend. The shares will be distributed on August 24, 2006, to shareholders of record as of August 10, 2006. Shareholders will receive one additional share of common stock for every share currently owned. Riverview has approximately 5.8 million shares outstanding, and will have about 11.6 million shares outstanding after the stock split.
"We are focused on building shareholder value, both through improving trading liquidity and growing our franchise value and earnings," said Pat Sheaffer, Chairman and CEO. "Riverview has had an outstanding year, and we are pleased to share this success with our shareholders through this stock split."
Earlier this week, Riverview Bancorp reported that net income increased 44% to $2.6 million, or $0.46 per diluted share, in the first quarter of fiscal 2007 compared to $1.8 million, or $0.33 per diluted share, in the first quarter of fiscal 2006. Assets grew 8% to $793 million, total deposits increased 4% to $607 million and loans grew 17% to $659 million from year ago levels.
About the Company
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington -- just north of Portland, Oregon on the I-5 corridor. With assets of $793 million, it is the parent company of the 83 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, 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.
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.