Riverview Financial Corporation Announces Closing of $17.0 Million Private Placement of Common Stock and Preferred Stock
HARRISBURG, PA–(Marketwired)–Riverview Financial Corporation (OTCQX: RIVE) announced today that it completed the sale of approximately $17.0 million in common and preferred equity, before expenses, to accredited investors and qualified institutional buyers through the private placement of 269,885 shares of its no par value common stock at a price of $10.50 per share and 1,348,809 shares of a newly created series of convertible, perpetual preferred stock at a price of $10.50 per share. Riverview plans to use the additional capital for general corporate purposes, including making loans and strategic acquisitions of bank or wealth management partners if opportunities are present.
Chief Executive Officer, Kirk D. Fox, commented on the closing of the private placement: “We are pleased by the exceptional interest in our capital offering as it was oversubscribed by investors. Our primary goal of this capital infusion is to enhance shareholder value through elevating the level of asset generation by taking advantage of organic growth opportunities in new and existing markets. The additional capital also affords us the opportunity to consider strategic acquisitions of other financial institutions or wealth management partners as opportunities present themselves in the future.”
Riverview was advised by Barley Snyder LLP. Ambassador Financial Group, Inc. served as the sole placement agent for the private offering, and was advised by Luse Gorman, PC.