SCHEDULE 13D/A: Nierenberg Investment Management Boosts Stake in Riverview Bancorp to 9%

Nierenberg Investment Management Company and its affiliated funds have increased their beneficial ownership in Riverview Bancorp Inc. to 9.0%, citing encouragement from recent insider purchases.

Summary

• Nierenberg Investment Management Company, Inc. (NIMCO) and its affiliated entities, including D3 Family Fund, LP, D3 Family Bulldog Fund, LP, and Haredale Ltd., collectively increased their beneficial ownership in Riverview Bancorp Inc. (RVBI).
• As of the close of business on June 5, 2025, the reporting persons, including David Nierenberg, beneficially own an aggregate of 1,884,292 shares of Common Stock, representing approximately 9.0% of the 20,976,200 shares outstanding as of February 13, 2025.
• The D3 Family Fund, LP individually beneficially owns 654,183 shares (3.1%), while the D3 Family Bulldog Fund, LP owns 1,085,829 shares (5.2%). Haredale Ltd. (Managed Account) holds 81,145 shares (1%).
• The total funds used by the Reporting Persons for all purchases of shares beneficially owned was approximately $8,494,143, sourced from the working capital of the applicable D3 Family Fund and the Managed Account.
• The purpose of the transaction is stated as being 'encouraged by six recent insider purchases' of Riverview Bancorp stock.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to a significant increase in beneficial ownership by a major investor, explicitly driven by encouragement from recent insider buying, indicating strong confidence in the company's prospects.

Positives

• A significant increase in beneficial ownership by a prominent investment group, Nierenberg Investment Management, signals strong confidence in Riverview Bancorp Inc.
• The stated reason for the increased stake is encouragement from 'six recent insider purchases,' indicating positive internal sentiment towards the company's prospects.
• All reported transactions by the reporting persons within the past 60 days were 'BUY' transactions, demonstrating continued accumulation of shares.

Future Outlook

The filing indicates a positive outlook from the reporting persons, as they are 'encouraged by six recent insider purchases' of the Issuer's common stock, suggesting continued confidence in the company's future performance.

Management Comments

• "We are encouraged by six recent insider purchases."

Industry Context

This filing reflects a significant increase in a strategic investor's stake in Riverview Bancorp, a regional bank. Such an increase, particularly when driven by perceived insider confidence, can be a positive signal within the banking sector, suggesting that the investor sees value or potential for growth in the company despite broader economic conditions or specific industry challenges.

Stakeholder Impact

• Shareholders: The increased stake by a prominent investor and the rationale of insider confidence could lead to increased investor interest and potentially a positive impact on share price.
• Management: The increased ownership and stated encouragement from insider purchases may be seen as a vote of confidence in the current management and strategic direction.

Key Dates

Recommendation

Keywords

Riverview Bancorp, RVBI, Nierenberg Investment Management, D3 Family Funds, Schedule 13D, Beneficial Ownership, Insider Buying, Investment, SEC Filing, Common Stock