“We are pleased that the OCC has acknowledged the significant improvement in the financial condition and operating results of the Bank.” said Pat Sheaffer, chairman and CEO of Riverview, in a press release. “The lifting of the agreement is a testament to the diligent efforts of our employees and we’re proud that we were able to accomplish this without any government financial assistance. We made a commitment to lending $200 million in new loans this year and our teams will continue to focus on meeting the financial needs of our retail and small business clients throughout the communities we serve.”
Riverview continues to maintain capital levels in excess of the regulatory requirements to be categorized as “well capitalized,” with a total risk-based capital ratio of 16.76 percent, Tier 1 leverage ratio of 10.42 percent and tangible common equity to tangible assets of 7.10 percent at December 31, 2013.
Read the Friday, April 11, 2014 print edition of the Vancouver Business Journal for more of this story.
