CLEVELAND, May 23, 2017 /PRNewswire/ -- Ancora Advisors LLC is pleased to announce that Jim Chadwick will be stepping off of the board of Riverview Bancorp (NASDAQ: RVSB). Ancora believes that based on the company's successful operating and stock price performance since joining the board, Riverview has earned its independence. Ancora believes the initial appeal to sell the bank due to long term underperformance of the bank's business and stock has been mitigated by actions taken by management and the board. Additionally, Ancora believes that based on the bank's 2018 forecast, independence should be pursued by the bank. However, Ancora does think the board should take the advice of some of its more market savvy directors and go further with its cost cutting plans that could add an additional $0.10+ per share to earnings.
"While the relationship has at times been contentious and we have proven each other wrong on many occasions, I am pleased with the results the company has been able to achieve," said Jim Chadwick. "This is the ideal situation for a firm like ours; the bank has made the tough choices to justify its independence and we applaud them for doing so," said Fred DiSanto, Chairman and CEO of Ancora.
Ancora recently reduced its position in Riverview to below 5% of the outstanding shares. Ancora continues to believe that Riverview's shares are undervalued at current price levels. Ancora maintains a material investment in the company; in the event the company's value weakens and/or operating performance deteriorates significantly, in the words of Arnold Schwarzenegger "We'll be back" ...
About Ancora Advisors
Ancora Advisors LLC is a registered investment adviser with the Securities and Exchange Commission of the United States. Ancora offers comprehensive investment solutions for institutions and individuals in the areas of fixed income, equities, global asset allocation, alternative investments and retirement plans. A more detailed description of the company, its management and practices are contained in its "Firm Brochure" (Form ADV, Part 2A). A copy of this form may be received by contacting the company at: 6060 Parkland Boulevard, Suite 200 Cleveland, Ohio 44124, Phone: 216-825-4000, or by visiting the website, www.ancora.net/adv.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ancora-announces-that-riverview-bancorp-rvsb-is-well-on-its-way-to-a-successful-turnaround-300462766.html
SOURCE Ancora Advisors LLC