VANCOUVER — Riverview Bancorp Inc. next week expects to receive a $16.3 million cash infusion from its recent stock offering.
The Vancouver-based holding company sold more than 10 million shares at $1.80 per share, raising a total of $18.1 million. Some $1.8 million of the sale will cover underwriting discounts and commissions and estimated offering expenses. The bank plans to use the remaining proceeds to grow as well as improve its working capital and pay down debt, said Ron Wysaske, president of Riverview Community Bank.
“It’ll allow us to be more aggressive in terms of making loans,” Wysaske said, “and growing the balance sheet, in particular.”
