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.