The Bank Slate


Riverview in Wash. to pay ex-CEO’s salary for next year

Riverview Bancorp in Vancouver, Wash., agreed to pay a salary to its former president and CEO over the next year.

The $1.6 billion-asset company disclosed in a regulatory filing that it will pay Kevin Lycklama his $410,000 monthly salary for the next 12 months – or roughly $4.9 million.

Lycklama, in exchange, agreed to certain waiver and release of claims, as well as post-employment covenants with respect to confidential data and non-solicitation of certain customers and employees.

Riverview said last month that its board had ended Lycklama’s employment, voting to remove him “without cause.” His termination was effective Sept. 6.

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