HARRISBURG, PA–(Marketwired)–Riverview Financial Corporation (OTCQX: RIVE) announced today that it has entered into agreements with accredited investors and qualified institutional buyers to raise approximately $17.0 million in common and preferred equity, before expenses, 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. The completion of the private placement is expected to occur on or about January 20, 2017.
Chief Executive Officer Kirk D. Fox discussed the offering: “We are pleased to announce the agreements for a private placement of our common stock and preferred stock. When the offering closes, this new capital will be used to support organic growth opportunities in the markets we serve and further enhance the value of our franchise.”
Riverview was advised by Barley Snyder LLP.
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