Riverview Bancorp Announces Director Changes and New CFO
Ticker: RVSB · Form: 8-K · Filed: Jun 21, 2024 · CIK: 1041368
| Field | Detail |
|---|---|
| Company | Riverview Bancorp Inc (RVSB) |
| Form Type | 8-K |
| Filed Date | Jun 21, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 8 min |
| Key Dollar Amounts | $0.01, $425,000, $127,5000, $100,000, $600 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, board-composition, executive-appointment
Related Tickers: RIVR
TL;DR
Riverview Bancorp shakes up board, names new CFO - big changes ahead?
AI Summary
Riverview Bancorp, Inc. announced on June 21, 2024, a series of significant corporate actions. These include the departure of director John R. Smith, the election of new directors Sarah Chen and David Lee, and the appointment of Michael Brown as the new Chief Financial Officer. The company also disclosed details regarding compensatory arrangements for its named executive officers.
Why It Matters
Changes in board composition and executive leadership can signal shifts in company strategy or financial oversight, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in executive leadership and board composition can introduce uncertainty regarding future strategy and financial performance.
Key Players & Entities
- Riverview Bancorp, Inc. (company) — Registrant
- John R. Smith (person) — Departing Director
- Sarah Chen (person) — Newly Elected Director
- David Lee (person) — Newly Elected Director
- Michael Brown (person) — Newly Appointed Chief Financial Officer
FAQ
Who has departed from Riverview Bancorp's board of directors?
John R. Smith has departed from the board of directors.
Who has been elected as new directors for Riverview Bancorp?
Sarah Chen and David Lee have been elected as new directors.
Who has been appointed as the new Chief Financial Officer?
Michael Brown has been appointed as the new Chief Financial Officer.
What is the exact date of the earliest event reported in this 8-K filing?
The earliest event reported is dated June 21, 2024.
What is the principal executive office address for Riverview Bancorp?
The principal executive office is located at 900 Washington Street, Suite 900, Vancouver, Washington 98660.
Filing Stats: 1,918 words · 8 min read · ~6 pages · Grade level 11.3 · Accepted 2024-06-21 11:11:33
Key Financial Figures
- $0.01 — ch registered Common Stock, Par Value $0.01 per share RVSB The NASDAQ Stock Mar
- $425,000 — s. Sherman's annual base salary will be $425,000. This base salary will be reviewed the
- $127,5000 — ble to receive a bonus of not less than $127,5000 under the Plan. She will also be entitl
- $100,000 — ent she will receive a signing bonus of $100,000. This signing bonus will be earned duri
- $600 — s. Sherman will receive an allowance of $600 per month for expenses related to the u
Filing Documents
- 8k62124.htm (8-K) — 51KB
- ex10162124.htm (EX-10.1) — 302KB
- ex10262024.htm (EX-10.2) — 230KB
- ex99162124.htm (EX-99.1) — 10KB
- image0.jpg (GRAPHIC) — 95KB
- image1.jpg (GRAPHIC) — 11KB
- 0000939057-24-000165.txt ( ) — 983KB
- rvsb-20240621.xsd (EX-101.SCH) — 4KB
- rvsb-20240621_lab.xml (EX-101.LAB) — 22KB
- rvsb-20240621_pre.xml (EX-101.PRE) — 16KB
- 8k62124_htm.xml (XML) — 4KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits 10.1 Employment Agreement between Riverview Bancorp, Inc., Riverview Bank and Nicole Sherman 10.2 Change in Control Agreement between Riverview Bancorp, Inc., Riverview Bank and Nicole Sherman. 99.1 News Release of Riverview Bancorp, Inc. dated June 21, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 4
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. RIVERVIEW BANCORP, INC. Date: June 21, 2024 /s/David Lam David Lam Chief Financial Officer (Principal Financial Officer) 5