Riverview Bank completes MBank acquisition

VANCOUVER – Riverview Bancorp, the parent of Riverview Community Bank, has completed its purchase of a Gresham, Ore.-based bank.

Riverview announced in September that it would acquire assets and liabilities from Merchants Bancorp and its wholly owned subsidiary, MBank. With the deal complete, Riverview assumes $116 million in net loans and liabilities and $132 million in customer deposits.

The deal had to be approved by financial regulators and shareholders, according to Scott Miller, senior vice president of marketing.

“Between due diligence, shareholder approval, regulatory approval, then the actual closing of the deal followed by system conversions, it can be several months before everything is complete,” Pat Sheaffer, chairman and CEO of Riverview, explained in an email.

The acquisition expands Riverview’s footprint in Oregon, though two of the three existing MBank branches will be consolidated. The Gresham branch will move to a nearby Riverview branch and a branch in Lake Oswego, Ore., will move to a newly opened Tualatin facility, the company said.

“We’re extremely excited that all of the branch managers and commercial lenders from MBank have agreed to join the Riverview family,” said Kim Capeloto, chief retail banking officer.