Riverview Bancorp, Inc., Announces Adoption of Plan of Reorganization and Charter Conversion

Riverview Bancorp RVSB announced today that on June 15, 2011, the Boards of Directors of the Company and Riverview Community Bank, the Company's financial institution subsidiary, had adopted a Plan of Reorganization and Charter Conversion to convert the Bank to a Washington chartered commercial bank organized under Title 30 of the Revised Code of Washington and reorganize the Company as a bank holding company. In connection with the adoption of the Plan, the Bank has filed an application with the Washington Department of Financial Institutions to convert the Bank to a Washington chartered commercial bank and the Company has filed an application with the Board of Governors of the Federal Reserve System to reorganize as a bank holding company. "Our Boards of Directors determined to proceed with the conversion to a commercial bank because this corporate structure most accurately reflects the Bank's operating strategy," said Pat Sheaffer, Chairman and Chief Executive Officer of the Company and the Bank. "Since 1998, we have undertaken a strategy to transform the Company's balance sheet and operations to that of a commercial community bank. We've executed this strategy by increasing our origination of commercial loans, core business deposits, and through a broadened and improved offering of financial products and services, including cash management, merchant bankcard, internet banking and trust and asset management. We believe that the change in our organizational charter reflects our current operations and execution of our commercial banking strategy."