The morning of Aug. 9, Riverview Bancorp, Inc. announced that on Aug. 4, the Board of Directors of Riverview Bank and Riverview Bancorp, Inc., voted to terminate, without cause, the employment of the company’s President and CEO Kevin J. Lycklama, according to a news release from Riverview. The termination of Lycklama’s employment is effect Sept. 6, 2023.
On Aug. 7, according to a regulatory filing and a statement from Riverview Vice President/Marketing Strategist Denise Barr, the company had announced that Lycklama had been placed on administrative leave pending an internal investigation. His leave began July 31, and the company stated that the investigation, and the termination, does not involve the company’s financial condition.
No further details of the internal investigation have been released, as Barr stated that the issue “is an HR matter and requires confidentiality.”
Daniel Cox has been named acting president and CEO of Riverview. For the past 21 years, Cox has worked for Riverview Bank. According to the news release from Riverview, his expertise is in finance and credit administration. He currently is executive vice president and chief credit officer. He leads the Bank’s commercial credit and collection policies, procedures and processes. In addition, he works closely with investor relations. Cox graduated summa cum laude from Washington State University – Vancouver with a Bachelor of Arts in business administration with a major emphasis in finance. He is an Honor Roll alum of the Pacific Coast Banking School.
Headquartered in Vancouver, Riverview Bancorp, Inc. has $1.58 billion in assets as of June 30, 2023, and has maintained 44 straight quarters of profitability, according to the company.