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Tuesday, March 19, 2024
March 19, 2024

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David Nierenberg added to Riverview board

By , Columbian Business Reporter
Published:

Vancouver’s Riverview Community Bank on Tuesday gained a well-known local figure for its leadership team when it named Camas investor and philanthropist David Nierenberg to the Riverview Bancorp Inc. board of directors.

“I’ve had a lot of involvement with the industry over the years,” Nierenberg said by phone Tuesday. “I really do believe in the future and value of community banking at a time when gigantic multi-trillion-dollar financial institutions increasingly dominate the global industry.”

The 63-year-old has a long history in finance and today is the founder and president of the Nierenberg Investment Management Company, which oversees The D3 Family Funds.

Riverview approached Nierenberg about the position.

“When someone of David’s stature and expertise takes an interest in your company, you need to seize that opportunity,” Chairman and CEO of Riverview Pat Sheaffer said in a statement. “The depth of his understanding of the banking industry, finance, corporate strategy and governance cannot be overstated.”

Nierenberg said he won’t take an “activist” role as he might sitting on the board of a company his investment firm has a stake in.

Though he won’t know what needs to be done at the company until he takes his seat on the board, he said: “I don’t think anyone would say I’m a passive director.”

He’s currently a board member for Rosetta Stone, Kuni Automotive Inc. and Whitman College. Nierenberg has also served on boards for various community organizations, including the Community Foundation for Southwest Washington, Evergreen School District Foundation and PeaceHealth.

Riverview recently posted a $6.4 million profit for the fiscal year that ended March 31, driven largely by commercial lending.

“They are very well-capitalized, profitable, the level of non-performing assets is very low — they survived the great financial crisis,” Nierenberg said. “Now the order of the day is what are we going to be next? What’s the best way for us to serve the community?”

Trading as RVSB on the Nasdaq exchange, Riverview ticked down 1 percent to $4.31 a share on Tuesday.

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Columbian Business Reporter