Riverview Bancorp expands board to eight members By Investing.com

Riverview Bancorp (NASDAQ:) Inc., the parent company of Riverview Bank, announced an amendment to its bylaws, increasing the number of board members from seven to eight. This change, voted on by the company’s and the bank’s Boards of Directors, took effect today, Monday.

The decision to expand the board was made on June 26, 2024, and the amended bylaws were attached as an exhibit to the company’s 8-K filing with the Securities and Exchange Commission (SEC). The move to increase the board size is seen as a step towards bringing in additional expertise and oversight as the company continues to grow.

Riverview Bancorp, headquartered in Vancouver, Washington, is a federally chartered savings institution. It is listed on The NASDAQ Stock Market LLC under the trading symbol RVSB. The company’s fiscal year end is March 31, as stated in the filing.

The 8-K filing, which serves as the source of this information, is a report required by the SEC used to announce significant changes in a company’s operations. The amendments to the bylaws are part of the company’s efforts to adapt its governance structure in response to its evolving business needs.

The amended and restated bylaws of Riverview Bancorp Inc. are now in effect, and the company has ensured compliance with regulatory requirements by reporting these changes through the proper channels. The filing, dated July 1, 2024, does not specify the reasons for the board expansion or the identity of the new board member.

This corporate governance update comes as part of Riverview Bancorp’s regular reporting obligations and does not necessarily reflect broader industry trends or changes. The company’s business address remains at 900 Washington Street, Suite 900, Vancouver, Washington, with the same business phone number provided in the filing.

Investors and stakeholders can access the full text of the amended bylaws and other details of the 8-K filing through the SEC’s EDGAR database.

In other recent news, Riverview Bancorp has announced the appointment of Nicole Sherman as its new President and Chief Executive Officer, effective July 1, 2024. Sherman, with over 25 years of experience in the community banking sector, will also join the Boards of Directors for both the company and the bank. Notably, Sherman has been instrumental in guiding 10 successful mergers and acquisitions throughout her career. She will be succeeding Dan Cox, who will now resume his full-time role as EVP, Chief Operating Officer. The appointment of Sherman comes after a comprehensive national search led by J. Scott Petty, Managing Partner of Chartwell Partner’s Financial Services Practice. These recent developments highlight Riverview Bancorp’s commitment to effective leadership and strategic growth. As of March 31, 2024, Riverview Bancorp reported assets of $1.52 billion.

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