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Friday, February 23, 2024
Feb. 23, 2024

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Riverview Bancorp places CEO on leave

Bank spokesperson calls matter human resources issue

By , Columbian staff writer

Kevin Lycklama, president and chief executive at Riverview Bancorp, has been placed on paid administrative leave pending an internal investigation. Lycklama’s administrative leave went into effect July 31.

The company, which is the parent of Riverview Bank, disclosed the action in a federal regulatory filing Friday, noting that the investigation does not involve the company’s financial condition.

On Monday, a bank spokesperson called the action a human resources issue and declined to comment further.

Lycklama, 46, has served as the bank’s CEO since 2018 and has been with the company for more than 15 years, much of that time as an executive.

According to archives, Lycklama was credited with spearheading Riverview’s acquisition of Oregon-based MBank in 2016. The move reportedly expanded the bank’s Oregon footprint and doubled quarterly profits. Riverview has 14 locations in Washington and four in Oregon. It is the largest commercial bank headquartered in Southwest Washington, with $1.58 billion in assets as of June 30.

The bank’s executive vice president and chief credit officer, Dan Cox, will serve as acting president and chief executive officer during Lycklama’s absence.

Cox has worked for Riverview in finance and credit administration for 21 years. He leads the bank’s commercial credit and collection policies, procedures, and processes, and works closely with investor relations. Cox earned a bachelor’s degree in finance at Washington State University and is an honor roll alumnus of the Pacific Coast Banking School.

Riverview trades on the Nasdaq as RVSB. Its stock closed Monday at $5.68 per share, unchanged from Friday’s close.