Riverview in Wash. in Talks with Activist About Board Seat

Proxy Battles Brewing at Main Street Banks
M&A

Riverview in Washington Facing Investor Pressure to Sell

Riverview Bancorp in Vancouver, Wash., is facing pressure from a large investor to sell itself.

By Paul Davis

October 20
Community banking

MutualFirst Financial Pressured by Activist to Seek Sale

MutualFirst Financial in Muncie, Ind., is facing pressure from an activist investor to explore a potential sale, even after the bank earlier this year agreed to implement a demand made by the same activist.

By Jacob Passy

May 27

Riverview Bancorp in Vancouver, Wash., is in talks with an activist investor about a board seat.

The $859 million-asset Riverview said Friday that it's in discussions with Ancora Advisors in Cleveland, without providing a date for when the discussions began. Ancora had previously contacted Riverview, urging management to consider putting the company up for sale.

"Although the discussions have been productive and both sides are optimistic a mutually acceptable agreement can be reached, there are no assurances that these discussions will lead to an agreement," Riverview said in a news release.

Ancora owned about 7.8% of Riverview shares, as of October.

Riverview reported net income of $1.5 million in the quarter ending March 31.

Andy Peters

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