REVIEW COMMUNITY BANK IS NOW OPEN AT THE TUALATIN NYBERG RIVERS SHOPPING CENTER, ACROSS FROM CABELA’S. GO CHECK OUT THEIR NEW DIGS!
VANCOUVER, WASHINGTON — February 17, 2017 – Riverview Bancorp, Inc. (NASDAQ: RVSB) (“Riverview Bancorp”), and its wholly owned subsidiary, Riverview Community Bank (“Riverview”), today announced that it completed the previously announced purchase and assumption transaction with Merchants Bancorp and its wholly owned subsidiary, MBank. In connection with the transaction, Riverview acquired approximately $116 million in net loans and assumed certain liabilities, including approximately $132 million of MBank’s customer deposits. Riverview Bancorp also assumed the obligations of Merchants Bancorp’s trust preferred securities.
“We are pleased to announce the completion of this transaction and want to welcome the MBank customers and employees to Riverview. This transaction provided us a unique opportunity to expand our market presence in Oregon and our broader branch network will allow us to better serve our new and existing clients,” said Pat Sheaffer, chairman and chief executive officer of Riverview.
“The rebranding of the MBank locations and transition of customer accounts to Riverview will begin immediately,” said Kim Capeloto, executive vice president and chief retail banking officer. “The MBank office in Gresham will merge into our larger Gresham branch less than half a mile away, while the MBank clients in Lake Grove will now be served by our brand new facility one mile south on Nyberg Street in Tualatin, opening Tuesday February 21st.“
“We’re extremely excited that all of the branch managers and commercial lenders from MBank have agreed to join the Riverview family”, continued Capeloto. “Riverview is the largest community bank in the Portland Metro area and our employee-owners are truly excited about this opportunity. With the added expertise and passion of our new MBank teammates, we believe we can continue to fulfill our potential in encouraging homeownership, job creation and supporting hundreds of local service organizations.”
About Riverview Bancorp, Inc.:
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $986 million at December 31, 2016, it is the parent company of the 93 year-old Riverview Community Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. There are 19 branches, including 14 in the Portland-Vancouver area and three lending centers. For the past three years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal, The Columbian and The Gresham Outlook.