Riverview Bancorp Inc. is another step closer in its effort to raise $23 million by issuing new common stock.
The Vancouver-based holding company of Riverview Community Bank has updated its original plan with the Securities and Exchange Commission.
The bank, which operates 10 branches in Clark County, intends to use $17 million of the net proceeds from the offering to “support its growth and related capital needs,” according to the filing. The remaining $6 million will be used to improve the bank’s working capital and pay down debt.
“We’d like to resume the growth we saw over the last 10 years at a moderate pace that allows (us) to grow and still balance the risks involved,” said Ron Wysaske, president of Riverview Community Bank, in an interview earlier this year. “We want to take advantage of opportunities and open new offices, and all of that requires capital.”