Riverview Bank’s CEO is out, following a vote by the bank’s board of directors to terminate him.
The bank’s parent company, Vancouver, Washington-based Riverview Bancorp, disclosed in a regulatory filing July 31 that CEO Kevin Lycklama had been placed on paid administrative leave “pending an internal investigation.”
Results of the board’s vote to terminate “without cause” were announced Wednesday.
A spokesperson for the bank told Banking Dive that Lycklama was terminated following a human resources issue, and that they couldn’t comment beyond what was in the announcement.
The bank’s chief credit officer, Daniel Cox, who has been named acting president and CEO, will take the top spot permanently, effective Sept. 6.
Cox has been at Riverview for 21 years. He leads the bank’s commercial credit and collection policies, procedures and processes; and is involved in investor relations.
Lycklama has served Riverview for 15 years, and been CEO for five. He succeeded Pat Sheaffer, who had been CEO since 1976, in 2018.
In Lycklama’s termination announcement, the bank stressed both its strong leadership and financial position, noting that it has had, among other things, 44 straight quarters of profitability and 34 consecutive quarters of dividend payments. Riverview counts $1.58 billion in assets.