Riverview Bancorp in Vancouver, Wash., will promote an insider as its next president and CEO.
Kevin Lycklama, the $1.1 billion-asset company's chief operating officer, will succeed Patrick Sheaffer, who is retiring on April 2. Lycklama will also join Riverview's board.
Sheaffer, who joined Riverview in 1963, has been its CEO since 1976. The bank has grown from seven employees and $6.5 million in assets when it hired Shaffer to an institution with more than 250 employees.
Sheaffer, who is in his late 70s, will remain chairman of Riverview and its bank.
"As we look to the future, the board's focus has been to identify the right leader to build on Riverview's strong foundation, and Kevin is clearly that person," Sheaffer said in the release. "Kevin has been a driving force of our executive management team for the past decade and has been instrumental in the company’s growth and success.”
Lycklama, 40, joined the bank in 2006. He served as chief financial officer from February 2008 to July 2017 before becoming chief operating officer. He has been part of the investor relations team, led the recent purchase of MBank and assisted in Riverview’s secondary offering. Prior to joining Riverview, Lycklama was an audit manager for an Oregon CPA firm.
"I look forward to continuing Pat's efforts in the successful operation of the company and moving forward with our established strategic plan,” Lycklama said in the release.