Riverview in Wash. in Talks with Activist About Board Seat

Riverview Bancorp in Vancouver, Wash., is in talks with an activist investor about a board seat.

The $859 million-asset Riverview said Friday that it's in discussions with Ancora Advisors in Cleveland, without providing a date for when the discussions began. Ancora had previously contacted Riverview, urging management to consider putting the company up for sale.

"Although the discussions have been productive and both sides are optimistic a mutually acceptable agreement can be reached, there are no assurances that these discussions will lead to an agreement," Riverview said in a news release.

Ancora owned about 7.8% of Riverview shares, as of October.

Riverview reported net income of $1.5 million in the quarter ending March 31.