PVF Capital Corp. Announces Terms of Rights Offering and Entry Into Standby Purchase Agreement
February 17 2010 - 7:20AM
PVF Capital Corp. (Nasdaq:PVFC) announced today the terms of a
$30.0 million stock offering consisting of a $25.7 million rights
offering and a $4.3 million offering to a standby purchaser.
Under the terms of the rights offering, all record holders of
the Company's common stock as of 5:00 p.m., Eastern Time, on
January 27, 2010, the record date for the rights offering, will
receive, at no charge, one subscription right for each share of
common stock held as of the record date. Each subscription
right will entitle the holder of the right to purchase 1.8431
shares of Company common stock at a subscription price of $1.75 per
share. The rights offering will commence as soon as
practicable and will expire on March 22, 2010.
The Company has separately entered into a standby purchase
agreement with Short Vincent Partners II, L.P., a private
investment partnership of which an affiliate of CapitalWorks, LLC,
a Cleveland based investment management firm, is the general
partner. Under the standby purchase agreement, Short Vincent
Partners will acquire up to $4.3 million of Company common stock at
a price of $1.75 per share. Short Vincent Partners has
conditioned its purchase of shares of common stock upon the receipt
by the Company of $22.1 million in gross proceeds from the rights
offering.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the securities, nor shall there be
any offer, solicitation or sale of the securities in any state in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification of the securities under the
securities laws of such state. The rights offering will be
made only by means of a prospectus, copies of which will be mailed
to all record date shareholders. Copies of the prospectus may
also be obtained by contacting the Company's information agent,
Stifel, Nicolaus & Company, Incorporated, at One South Street,
Baltimore, Maryland 21202 or (443) 224-1988 or by writing to the
Company, 30000 Aurora Road, Solon, Ohio 44139, Attention:
Jeffrey N. Male, Corporate Secretary.
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.
CONTACT: PVF Capital Corp.
Robert J. King, Jr.
440.248.7171
robert.king@pvfsb.com
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