Riverview Bancorp, Inc. and its wholly owned subsidiary, Riverview Community Bank have completed the purchase of Merchants Bancorp and its wholly owned subsidiary, MBank.
In connection with the transaction, Riverview acquired approximately $116 million in net loans and assumed certain liabilities, including approximately $132 million of MBank’s customer deposits. Riverview Bancorp also assumed the obligations of Merchants Bancorp’s trust preferred securities.
“This transaction provided us a unique opportunity to expand our market presence in Oregon, and our broader branch network will allow us to better serve our new and existing clients,” Pat Sheaffer, chairman and chief executive officer of Riverview, said in a press release.
Kim Capeloto, executive vice president and chief retail banking officer of Riverview, said the branch managers and commercial lenders from MBank have agreed to join Riverview.
Riverview Bancorp, Inc., is headquartered in Vancouver. With assets of $986 million, it is the parent company of the 94 year-old Riverview Community Bank, as well as Riverview Trust Company.
Riverview was founded in Camas.