United Community Financial Corp. Revises Timetable for PVF Capital Corp. Acquisition
December 17 2007 - 9:25AM
Business Wire
The Office of Thrift Supervision has notified United Community
Financial Corp. (Nasdaq: UCFC) that the Office of Thrift
Supervision has suspended processing of the application for
approval of the merger of PVF Capital Corp. (Nasdaq: PVFC) into
UCFC, pending the results of the upcoming examination of UCFC�s
subsidiary, The Home Savings and Loan Company of Youngstown, Ohio.
Consistent with the normal examination cycle, UCFC expects the
examination of Home Savings by the Federal Deposit Insurance
Corporation and the State of Ohio will commence in January 2008. It
is not expected that the merger can be completed before the end of
the first quarter of 2008. In light of this, UCFC and PVF Capital
Corp. will postpone their respective shareholder meetings for
approval of the merger, and PVF Capital Corp. will hold its annual
meeting of stockholders in early February 2008. At this time, UCFC
and PVFC intend to continue to work towards completion of the
merger as quickly as possible. United Community Financial Corp. is
an Ohio-based unitary thrift holding company. Its subsidiaries
include The Home Savings and Loan Company and Butler Wick Corp.
Home Savings has 39 full-service branches and six loan production
offices located throughout Ohio and Western Pa., while Butler Wick
has 19 offices and two trust office facilities within Northeastern
Ohio and Western Pennsylvania. Additional information on United
Community may be found on its web site: www.ucfconline.com. PVF
Capital Corp. is the holding company for Park View Federal Savings
Bank, headquartered in Solon, Ohio, serving the Greater Cleveland
area with 17 full-service branch offices. Additional information on
the company may be found at www.parkviewfederal.com. This
communication shall not constitute an offer to sell or the
solicitation of and offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification of the securities under the securities laws of any
such jurisdiction. No offering of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended. United Community has filed
a Registration Statement on Form S-4 concerning the merger with the
SEC, which includes the joint proxy statement that will be mailed
to PVF Capital Corp.�s and United Community�s shareholders. WE URGE
INVESTORS TO READ THESE DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. Investors can obtain the documents free of charge at
the SEC�s website, www.sec.gov. In addition, documents filed with
the SEC by United Community are available free of charge from the
Secretary of United Community at 275 Federal Plaza, Youngstown,
Ohio, telephone (330) 742-0500. INVESTORS SHOULD READ THE PROXY
STATEMENT CAREFULLY BEFORE MAKING A DECISION CONCERNING THE MERGER.
Copies of all recent proxy statements and annual reports of United
Community are also available free of charge from United Community
by contacting the company secretary. United Community, PVF Capital
Corp. and their respective directors and executive officers may be
deemed to be participants in the solicitation of proxies to approve
the Merger. ADDITIONAL INFORMATION ABOUT THE DIRECTORS AND
EXECUTIVE OFFICERS OF UNITED COMMUNITY MAY BE OBTAINED THROUGH THE
SEC�S WEBSITE FROM THE DEFINITIVE PROXY STATEMENT FILED BY UNITED
COMMUNITY WITH THE SEC ON MARCH 23, 2007. ADDITIONAL INFORMATION
ABOUT THE DIRECTORS AND EXECUTIVE OFFICERS OF PVF CAPITAL CORP. MAY
BE OBTAINED THROUGH THE SEC�S WEBSITE FROM THE ANNUAL REPORT ON
FORM 10-K FOR THE YEAR ENDED JUNE 30, 2007 FILED BY PVF CAPITAL
CORP. WITH THE SEC ON SEPTEMBER 13, 2007. Additional information
about participants in the proxy solicitation and their interests in
the transaction will be contained in the prospectus/proxy statement
to be filed with the SEC. This press release contains
�forward-looking statements� as that term is defined in the Private
Securities Litigation Reform Act of 1995. Words or phrases such as
�expect,� �believe,� �intend,� �plan,� �estimate,� �may,� �should,�
�will likely result,� �will continue,� �is anticipated,�
�estimate,� �project� and similar expressions are intended to
identify forward-looking statements. Such forward-looking
statements are subject to and involve known and unknown risks,
uncertainties and other factors, which may cause actual results to
be materially different from those indicated in the forward-looking
statements. The following factors, among others, could cause actual
results to differ materially from the anticipated results or other
expectations expressed in forward looking statements: (1) the
businesses of United Community and PVF Capital Corp. may not be
combined successfully or such combination may take longer to
accomplish than expected; (2) the cost savings from the merger may
not be fully realized or may take longer to realize than expected;
(3) operating costs, customer loss and business disruption
following the merger, including adverse effects on relationships
with employees, may be greater than expected; (4) governmental
approvals of the merger may not be obtained, or adverse regulatory
conditions may be imposed in connection with the governmental
approvals of the merger; (5) the shareholders of United Community
or PVF Capital Corp. may fail to approve the merger; (6) changes in
general economic conditions, which could affect the volume of loan
originations, deposit flows and real estate values, credit quality
trends; (7) changes in laws, regulations or policies by government
or regulatory agencies, (8) fluctuations in interest rates, (9)
change in the demand for loans in the market areas that United
Community and PVF Capital Corp. conduct their respective business,
and (10) competition from other financial services companies in
United Community�s and PVF Capital Corp.�s markets. These
statements include, but are not limited to, statements about United
Community�s and PVF Capital Corp.�s plans, objectives, expectations
and intentions and other statements contained in this presentation
that are not historical facts. United Community and PVF Capital
Corp. caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
United Community and PVF Capital Corp. undertake no obligation to
publicly release the result of any revisions that may be made to
any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of
anticipated or unanticipated events. Filed by: United Community
Financial Corp. pursuant to Rule 425 under the Securities Act of
1933 and deemed filed pursuant to Rule 14a-12 under the Securities
Exchange Act of 1934 Subject Company: PVF Capital Corp. Commission
File No.: 0-24948
Pvf Capital (NASDAQ:PVFC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pvf Capital (NASDAQ:PVFC)
Historical Stock Chart
From Jul 2023 to Jul 2024