Riverview Bancorp, Inc. (‘Riverview’) operates as a bank holding company of Riverview Bank (the ‘bank’).
The bank has two subsidiaries: Riverview Trust Company (the ‘Trust Company’) and Riverview Services, Inc. (‘Riverview Services’). The Trust Company is a trust and financial services company located in downtown Vancouver, Washington, and provides full-service brokerage activities, trust, and asset management services. Riverview Services acts as a trustee for deeds of trust on mortgage loans g...
Riverview Bancorp, Inc. (‘Riverview’) operates as a bank holding company of Riverview Bank (the ‘bank’).
The bank has two subsidiaries: Riverview Trust Company (the ‘Trust Company’) and Riverview Services, Inc. (‘Riverview Services’). The Trust Company is a trust and financial services company located in downtown Vancouver, Washington, and provides full-service brokerage activities, trust, and asset management services. Riverview Services acts as a trustee for deeds of trust on mortgage loans granted by the bank and receives a reconveyance fee for each deed of trust.
Substantially all of the company’s business is conducted through the bank, which, until April 28, 2021, was a federal savings bank subject to extensive regulation by the Office of the Comptroller of the Currency (‘OCC’). As a Washington state-chartered commercial bank, the bank’s regulators are the WDFI and the FDIC, the insurer of its deposits. The bank’s deposits are insured up to applicable limits by the FDIC. The Federal Reserve remains the primary federal regulator for the company. In connection with the bank’s charter conversion, the company converted from a Savings and Loan Holding Company to a Bank Holding Company. The bank is also a member of the Federal Home Loan Bank of Des Moines (‘FHLB’), which is one of the 11 regional banks in the Federal Home Loan Bank System (‘FHLB System’).
As a progressive, community-oriented financial services company, the company emphasizes local, personal service to residents and businesses of its primary market area. The company considers Clark, Klickitat, and Skamania counties of Washington, and Multnomah, Washington, and Marion counties of Oregon as its primary market area. The company is engaged predominantly in the business of attracting deposits from the general public and using such funds in its primary market area to originate commercial business, commercial real estate, multi-family real estate, land, real estate construction, residential real estate, and other consumer loans.
The company’s strategic plan also highlights increased emphasis on non-interest income, including improved fees for asset management through the Trust Company, and deposit service charges. The strategic plan is designed to enhance earnings, reduce interest rate risk, and provide a more complete range of financial services to clients and the local communities the company serves.
Market Area
The company conducts operations from its home office in Vancouver, Washington, and branch offices located in Camas, Washougal, Stevenson, White Salmon, Battle Ground, Goldendale, Ridgefield, and Vancouver, Washington (branch offices), and Portland, Gresham, Tualatin, and Aumsville, Oregon. The Trust Company has locations, in downtown Vancouver, Washington, and in Lake Oswego, Oregon, providing full-service brokerage activities, trust, and asset management services. Riverview Mortgage, a mortgage broker division of the bank, originates mortgage loans for various mortgage companies predominantly in the Vancouver/Portland metropolitan areas, as well as for the bank. The bank’s Business and Professional Banking Division, with lending offices located in Vancouver and in Portland, offers commercial and business banking services.
Lending Activities
The principal lending activity of the company is the origination of loans collateralized by commercial properties and commercial business loans. A substantial portion of the company’s loan portfolio is secured by real estate, either as primary or secondary collateral, located in its primary market area. The customary sources of loan originations are realtors, walk-in clients, referrals, and existing clients. The bank also uses commissioned loan brokers and print advertising to market its products and services.
Commercial Business Lending
Commercial business loans are typically secured by business equipment, accounts receivable, inventory, or other property. Commercial term loans are generally made to finance the purchase of assets and usually have maturities of five years or less. Commercial lines of credit are typically made for the purpose of providing working capital and usually have a term of one year or less.
Other Real Estate Mortgage Lending
The company originates other real estate mortgage loans secured by office buildings, warehouse/industrial, retail, assisted living facilities, and single-purpose facilities (collectively ‘commercial real estate‘ or ‘CRE’), and land and multi-family loans primarily located in its market area, collectively referred to herein as the ‘other real estate mortgage loan portfolio’.
Land loans represent loans made to developers for the purpose of acquiring raw land and/or for the subsequent development and sale of residential lots. Such loans typically finance land purchases and infrastructure development of properties (e.g., roads, utilities, etc.), with the aim of making improved lots ready for subsequent sales to consumers or builders for ultimate construction of residential units.
Real Estate Construction
The company originates three types of residential construction loans: speculative construction loans, custom/presold construction loans, and construction/permanent loans. The company also originates construction loans for the development of business properties and multi-family dwellings. All of the company’s real estate construction loans were made on properties located in Washington and Oregon.
The company provides construction financing for non-residential business properties and multi-family dwellings. These loans are secured by office buildings, retail rental space, mini-storage facilities, assisted living facilities, and multi-family dwellings located in the company’s market area.
Consumer Lending
The majority of the company’s real estate one-to-four family loans are located in the company’s primary market area. All of these loans were secured by properties located in Oregon and Washington. The company no longer originates real estate one-to-four family loans.
The company also originates a variety of installment loans, including loans for debt consolidation and other purposes, automobile loans, boat loans, and savings account loans.
Installment consumer loans generally entail greater risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as mobile homes, automobiles, boats, and recreational vehicles.
Mortgage Brokerage
The company employs commissioned brokers who originate mortgage loans (including construction loans) for various mortgage companies. Loans brokered to mortgage companies are closed in the name of, and funded by, the purchasing mortgage company and are not originated as an asset of the company. Beginning in fiscal year 2021, the company transitioned to a model where it no longer originates and sells mortgage loans to the Federal Home Loan Mortgage Company (‘FHLMC’), as all mortgage loan originations are instead brokered to various third-party mortgage companies.
Mortgage Loan Servicing
The company is a qualified servicer for the FHLMC.
Investment Activities
As of March 31, 2025, the company’s investment securities portfolio included municipal securities, agency securities, REMICs (real estate mortgage investment conduits), residential MBS (mortgage-backed securities), and other MBS.
Deposit Accounts
The company attracts deposits from within its primary market area by offering a broad selection of deposit instruments, including demand deposits, negotiable order of withdrawal (‘NOW’) accounts, money market accounts, savings accounts, certificates of deposit, and retirement savings plans. The company has focused on building client relationship deposits, which include both business and consumer depositors.
Regulation
As a Washington state-chartered commercial bank, the bank’s regulators are the WDFI and the FDIC, rather than the OCC. The company converted from a Savings and Loan Holding Company to a Bank Holding Company, and the Federal Reserve remained its primary federal regulator.
The WDFI and FDIC have extensive enforcement authority over all Washington state-chartered commercial banks, including the bank. The Federal Reserve has the same type of authority over Riverview.
As a state-chartered commercial bank, the bank is subject to applicable provisions of Washington state law and regulations of the WDFI, in addition to federal law and regulations of the FDIC applicable to state banks that are not members of the Federal Reserve System. The bank is subject to periodic examination by, and reporting requirements of, the WDFI and FDIC.
The bank is subject to capital regulations adopted by the FDIC, which establish minimum required ratios for a common equity Tier 1 (‘CET1’) capital to risk-based assets ratio, a Tier 1 capital to risk-based assets ratio, a total capital to risk-based assets ratio, and a Tier 1 capital to total assets leverage ratio.
The federal banking regulators (the Federal Reserve, the OCC, and the FDIC) have adopted a rule that gives a banking organization the option to phase in over a three-year period the day-one adverse effects of Current Expected Credit Loss (‘CECL’) on its regulatory capital. The company elected this option.
The bank is a member of the FHLB Des Moines, which is one of 11 regional Federal Home Loan Banks that administer the home financing credit function of savings institutions, each of which serves as a reserve or central bank for its members within its assigned region. As a member, the bank is required to purchase and maintain stock in the FHLB.
The bank’s deposits are insured up to $250,000 per separately insured deposit ownership right or category by the Deposit Insurance Fund (‘DIF’) of the FDIC.
The bank is an affiliate of Riverview, and any non-bank subsidiary of Riverview, federal laws strictly limit the ability of banks to engage in certain transactions with their affiliates. Transactions deemed to be a ‘covered transaction’ under Section 23A of the Federal Reserve Act between a bank and an affiliate are limited to 10% of a bank’s capital and surplus, and, with respect to all affiliates, to an aggregate of 20% of a bank’s capital and surplus.
The bank is subject to the provisions of the Community Reinvestment Act of 1977 (‘CRA’). The bank received a ‘satisfactory’ rating during its most recent CRA examination.
The bank is authorized to borrow from the Federal Reserve Bank of San Francisco’s ‘discount window.’
The bank is subject to the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the ‘USA PATRIOT Act’). The USA PATRIOT Act grants federal agencies expanded powers to combat terrorism through enhanced domestic security measures, increased surveillance authority, expanded information sharing, and strengthened anti-money laundering (‘AML’) requirements.
Although the bank, as an institution with assets under $10 billion, is generally supervised for consumer compliance by the Federal Deposit Insurance Corporation (‘FDIC’), the CFPB’s regulations and guidance continue to shape the federal consumer protection framework applicable to the bank. Recent reports indicated changes in the operational posture of the CFPB, including temporary suspension of certain rulemaking and enforcement activities, office closures, and leadership transitions.
The bank is also subject to a broad range of federal and state consumer protection laws, including, but not limited to, the Truth in Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Real Estate Settlement Procedures Act, Electronic Fund Transfer Act, and laws prohibiting unfair, deceptive, or abusive acts or practices.
Riverview, as sole shareholder of the bank, is a bank holding company registered with the Federal Reserve. Under the Bank Holding Company Act of 1956, as amended (‘BHCA’), Riverview is supervised by the Federal Reserve.
Riverview’s common stock is registered with the U.S. Securities and Exchange Commission (‘SEC’) under Section 12(b) of the Securities Exchange Act of 1934, as amended (‘Exchange Act’). The company is subject to information, proxy solicitation, insider trading restrictions, and other requirements under the Exchange Act.
History
Riverview Bancorp, Inc., a Washington corporation, was founded in 1923. The company was incorporated in 1997.
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