HARRISBURG, Pa., Nov. 6, 2020 /PRNewswire/ -- Riverview
Financial Corporation (the "Company" or "Riverview") (NASDAQ: RIVE), the holding
company for Riverview Bank (the "Bank"), today announced the
planned consolidation of two branch offices. These closures are
part of the company's ongoing efficiency initiatives, which began
in earnest during 2019. During 2020, Riverview continued to evaluate its branch
network by utilizing its retail branch performance and resource
allocation analytics. After evaluating the results, the Company
determined to close two additional branch offices in the first
quarter of 2021, pending regulatory approval. Accordingly, the
Tower City Office, located at 920 E. Wiconisco Avenue, Tower City, PA and the Camp Hill Office,
located at 3556 Gettysburg Road, Camp
Hill, PA will be closed. Customer accounts of the
Tower City Office will be transferred to Riverview's Elizabethville Office, located at
34 South Market Street, Elizabethville,
PA while those accounts of the Camp Hill Office will be
transferred to Riverview's
Ridgeview Office, located at 500 South State Road, Marysville, PA. Riverview anticipates annual pre-tax savings
of $1.0 million as a direct result of
these two office closures, and expects to recognize $1.0 million in pre-tax nonrecurring charges in
the fourth quarter of 2020.
Brett D. Fulk, President and
Chief Executive Officer, commented, "while we have historically
seen a steady consumer transition towards greater utilization of
bank technology to satisfy banking needs, the current COVID-19
Pandemic accelerated this process throughout our markets and within
the banking industry, and it is increasingly clear that these
behavioral changes are permanent. Evidenced, in part, by the
lack of a return of foot traffic to reopened lobbies to
pre-pandemic levels, customers continue to rely more heavily upon
our customer friendly technological banking capabilities.
Significant increases in the use of telephone banking, on-line
banking, mobile banking, remote deposit capture, and electronic
bill pay demonstrate that we must continue to evaluate our delivery
channels, shifting resources and focus as customer demands
change." Fulk went on to say, "the decision to close offices
is never easy, however we must continue making changes necessary to
create a more efficient organization while continuing to meet
customer demand."
About Riverview Financial Corporation
Riverview Financial Corporation is the parent company of
Riverview Bank. An independent community bank, Riverview Bank
serves the Pennsylvania market
areas of Berks, Blair, Bucks,
Centre, Clearfield, Cumberland, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry, Schuylkill and Somerset Counties through 27 community banking
offices and 3 limited purpose offices. Each office, interdependent
with the community, offers a comprehensive array of financial
products and services to individuals, businesses, not-for-profit
organizations and government entities. Riverview's business philosophy includes
offering direct access to senior management and other officers and
providing friendly, informed and courteous service, local and
timely decision making, flexible and reasonable operating
procedures and consistently applied credit policies. The Company's
common stock trades on the NASDAQ Global Market under the symbol
"RIVE". The Investor Relations site can be accessed at
https://www.riverviewbankpa.com/.
Safe Harbor Forward-Looking Statements:
We make statements in this press release, and we may from time
to time make other statements regarding our outlook or expectations
for future financial or operating results and/or other matters
regarding or affecting Riverview Financial Corporation, Riverview
Bank, and its subsidiaries (collectively, "Riverview") that may be considered
"forward-looking statements" as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements may be identified by the use of such words as "believe,"
"expect," "anticipate," "should," "planned," "estimated," "intend"
and "potential." For these statements, Riverview claims the protection of the
statutory safe harbors for forward-looking statements.
Riverview cautions you that a
number of important factors could cause actual results to differ
materially from those currently anticipated in any forward-looking
statement. Such factors include, but are not limited to: the impact
of the COVID-19 outbreak, prevailing economic and political
conditions, particularly in our market area; credit risk associated
with our lending activities; changes in interest rates, loan
demand, real estate values and competition; changes in accounting
principles, policies, and guidelines; changes in any applicable
law, rule, regulation or practice with respect to tax or legal
issues; and other economic, competitive, governmental, regulatory
and technological factors affecting Riverview's operations, pricing, products
and services and other factors that may be described in
Riverview's periodic
reports as filed with the Securities and Exchange Commission
from time to time. Readers are cautioned against placing
undue reliance on any such forward-looking statements. The
Company's past results are not necessarily indicative of future
performance.
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SOURCE Riverview Financial Corporation