The company has stressed that Lycklama’s leave and termination did not involve the company’s financial condition. A company spokesperson said Monday that the action was a human resources issue and declined to comment further.
Lycklama, 46, had served as CEO since 2018 after more than 15 years with the bank. His total compensation as CEO was $922,466 for the year ending March 1, 2023. That amount includes $57,208 he received as a member of the board, according to a proxy statement filed in July with the Securities and Exchange Commission.
In his place, Riverview’s Chief Credit Officer Daniel Cox has been named acting president and CEO.
Cox has been with Riverview for 21 years, specializing in finance and credit administration. He leads the bank’s commercial credit and collection policies, procedures and processes. According to Riverview, Cox also 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 has 14 locations in Washington and four in Oregon, and is the largest commercial bank headquartered in Southwest Washington with $1.58 billion in assets as of June 30. Lycklama was credited with leading Riverview’s acquisition of Oregon-based MBank in 2016, expanding the bank’s Oregon footprint.
Riverview, which trades on the Nasdaq as RVSB, has seen its stock remain relatively stable since news broke of Lycklama’s absence. Its stock closed at $5.62 per share Tuesday, down slightly from Monday’s close at $5.68 per share.
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