Riverview in Washington fires CEO 'without cause'

peshkova - stock.adobe.com

Riverview Bancorp in Vancouver, Washington, said its board fired President and CEO Kevin Lycklama.

The $1.6 billion-asset company said in a press release Wednesday that its directors on Aug. 4 "voted to terminate, without cause," Lycklama's employment, effective Sept. 6. The company did not cite a reason for the change, and a spokeswoman did not immediately respond to a request for more detail.

The company named its chief credit officer, Dan Cox, as acting president and CEO. Cox has worked for Riverview for 21 years. He leads the bank's commercial credit and collection policies, procedures and processes, according to the release.

Late last week, the company disclosed in a regulatory filing that it placed Lycklama on administrative leave pending an internal investigation. In the brief filing, Riverview noted only that the leave began July 31 and that it did not relate to its financial condition. In the release Wednesday, the company noted that its capital levels are strong and that it had reported 44 consecutive quarters of profitability.

Riverview on July 27 reported net income of $2.8 million, or 13 cents per share, for its fiscal first quarter, which ended June 30. That was down from $4.7 million, or 21 cents, a year earlier.

Lycklama, who had joined the bank in 2006, was promoted to CEO in 2018. He was chief financial officer from February 2008 to July 2017 before becoming chief operating officer.