Company continues branch, personnel growth
Riverview Bancorp will begin the New Year with two new facilities. The Vancouver-based parent of Riverview Community Bank completed construction of an operations building on Mill Plain Boulevard this month, and it will open a bank branch at Columbia Tech Center on Jan. 3.
Riverview Center, at 172nd Avenue and Mill Plain, will house all of the company’s "support teams," including loan origination, loan servicing, operations, information technology, human resources and marketing. The approximately 80 employees occupying the building are relocating from Riverview’s Camas branch and downtown Vancouver headquarters. The Cascade Park Riverview Mortgage office will also relocate to the new building.
The Riverview Center brings together the departments of the company that work closely together.
"By getting everyone under one roof, it enhances our internal communication," said Senior Vice President of Marketing Scott Miller.
Additionally, the growing company simply demanded more space, he said. In a six-year period, Riverview has added about 100 employees with approximately 250 today, said Miller. In that same time, its branch locations have grown from nine to 17.
The Camas location will remain as a bank branch and the majority of the company’s executives will continue at the company’s downtown Riverview Tower on Washington Street, which includes a bank branch.
Only 40,000 square feet of the 50,000-square-foot Riverview Center will be immediately utilized. Miller said it was "built with room to grow." But the company is leaving open the option to bring in a tenant to fill the space.
The Columbia Tech Center branch is the company’s 17th branch and the second in East Vancouver next to the 162nd Avenue location.
The Tech Center was chosen "because it is a rapidly growing area," said Branch Manager Wendi Cook. "Buildings are going up all around it."
The branch includes two drive-up lanes and a drive-up ATM, safe deposit boxes and, as with all Riverview branches, a fireplace. Both buildings were constructed by RSV Construction Services.
It’s 17th location isn’t likely to be its last.
"We are always looking for opportunities for growth," said Miller, "either through organic growth or through merger acquisition opportunities."
In the second quarter of this year, Riverview Bancorp reported total assets of $739 million, an increase of 41 percent versus the prior-year period. Net income increased 35 percent to $2.6 million and deposits grew 46 percent to $600 million. The acquisition of American Pacific Bank earlier in the year, which added three branch locations, contributed to the increases. Earnings per share were 45 cents, versus 39 cents last year.
