River Financial Corp 8-K, filed Mar 18, 2025
River Financial Corp (RVRF)
About this 8-K
River Financial Corp filed this 8-K on March 18, 2025, reporting on events of March 17, 2025.
Items reported
- Item 1.02: Ended a material agreement
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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ITEM 1.02 Termination of a Material Definitive Agreement
On March 17, 2025, the Federal Deposit Insurance Corporation (“FDIC”) and the Alabama State Banking Department (“ASBD”) terminated the Consent Order, FDIC-23-0127b, issued against River Bank & Trust on March 12, 2024. Notice of termination was received by River Bank & Trust (the “Bank”) on March 18, 2025. As disclosed further in River Financial Corporation’s Form 10-K filed with the SEC on March 11, 2025 under Item 1. Business - Supervision and Regulation - USA Patriot Act, the purpose of the Consent Order was for the Bank to enhance its oversight of the Bank’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) program under the Bank Secrecy Act. Although the Bank was not required to admit or deny any violations of law, the FDIC and the ASBD concluded that, among other things, the Bank had to (1) revise its written AML/CFT compliance program, (2) conduct risk assessment and review deficiencies in the program and update its risk management procedures, (3) revise its system of internal controls to enhance compliance with the foregoing, (4) undertake additional training programs for employees who assist the Bank in these areas, (5) retain the assistance of a qualified consultant to develop a written analysis and assessment of the Bank’s staffing resources and needs, (6) designate a qualified AML/CFT officer with authority to implement and coordinate the Bank’s day-to-day compliance with AML/CFT regulations, (7) adopt a training program for the Board of Directors, management and staff to enhance compliance with AML/CFT rules and regulations, (8) conduct an independent look-back review of certain accounts and transactions to determine whether suspicious activity was property identified and reported, and (9) submit written progress reports quarterly to the FDIC and ASBD on compliance with the Consent Order.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) EXHIBITS
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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RIVER FINANCIAL CORPORATION |
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Date: March 18, 2025 |
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By: |
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/s/ James M. Stubbs |
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James M. Stubbs |
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Chief Executive Officer |
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