VANCOUVER, Wash. - Riverview Bancorp , Inc. (NASDAQ:RVSB), the parent company of Riverview Bank, has announced the appointment of Nicole Sherman as its new President and Chief Executive Officer, effective July 1, 2024. Sherman will also join the Boards of Directors for both the company and the bank.
Sherman brings over 25 years of experience in the community banking sector, with a significant portion of her career focused in the Pacific Northwest. Her background includes a range of high-level roles across various financial institutions, including Columbia Bank, Utah First, Numerica Credit Union, AmericanWest Bank, and Zions Bank. Sherman's expertise spans retail and digital banking, commercial and business banking, wealth management, corporate marketing and communications, and community impact.
Recognized for her leadership skills and innovative approach to banking, Sherman has been instrumental in guiding 10 successful mergers and acquisitions throughout her career. She has also earned accolades for her engaging presentation style and has been a transformational speaker at various events. As a faculty member at the Pacific Coast Banking School, she was named Instructor of the Year in 2023.
Gerald L. Nies, Chairman of the Board at Riverview, expressed confidence in Sherman's ability to lead the company, citing her track record of building a high-performance banking culture and her positive influence within the industry.
Sherman will be succeeding Dan Cox, who has served as the acting CEO/President of Riverview for the past nine months. Cox will now resume his full-time role as EVP, Chief Operating Officer, focusing on the company's operational leadership.
Riverview Bancorp conducted a comprehensive national search for the new CEO, led by J. Scott Petty, Managing Partner of Chartwell Partner's Financial Services Practice. The search committee, chaired by Riverview Board of Director member Stacey Graham, praised Petty's guidance throughout the process.
Riverview Bancorp, with assets of $1.52 billion as of March 31, 2024, has been providing community banking services for over a century. The bank operates through 17 branches and three lending centers, primarily in the Portland-Vancouver area. It has consistently been named Best Bank by local readership polls for the past decade.
The information regarding Sherman's appointment and her anticipated contributions to Riverview Bancorp is based on a press release statement from the company.
InvestingPro Insights
As Riverview Bancorp, Inc. (NASDAQ:RVSB) welcomes Nicole Sherman into her new role as President and CEO, the company's commitment to shareholder value is reflected in its consistent dividend payments. According to InvestingPro Tips, Riverview Bancorp has not only maintained its dividend payments for 10 consecutive years but has also raised its dividend for 9 consecutive years, underscoring a strong commitment to returning value to its shareholders.
Despite a challenging period for the bank's stock price, which has seen a significant decline over the past six months, Riverview Bancorp pays a significant dividend to shareholders, boasting a dividend yield of 6.15% as of the last recorded date. This could be an attractive feature for income-focused investors, especially when considering the current market volatility.
InvestingPro Data further reveals a market capitalization of $82.33 million, with a price-to-earnings (P/E) ratio of 21.72, closely aligned with the adjusted P/E ratio for the last twelve months as of Q4 2024, which stands at 21.67. These metrics may offer investors insights into the company's valuation and profitability, especially in light of the recent leadership changes and the potential for strategic shifts under Sherman's guidance.
For those considering an investment in Riverview Bancorp, or for current shareholders looking to deepen their understanding of the company's financial health and market position, InvestingPro offers a wealth of additional tips. With the use of coupon code PRONEWS24, investors can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to comprehensive analyses and data to inform their investment decisions.
Investors and interested parties can explore more InvestingPro Tips for Riverview Bancorp, which currently lists a total of 8 tips, providing a broader perspective on the company's financial performance and stock valuation. Visit the dedicated page for Riverview Bancorp at https://www.investing.com/pro/RVSB to learn more.
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