PVF Capital Corp. Announces Over-Subscription of Rights Offering
March 23 2010 - 3:30PM
PVF Capital Corp. (Nasdaq:PVFC) announced today that it expects to
close its rights offering on March 26, 2010.
The offering was over-subscribed by the Company's stockholders
and by the standby purchaser, Short Vincent Partners II, L.P., an
affiliate of CapitalWorks LLC, a Cleveland-based investment
company. The Company expects to issue 17,142,857 shares of its
common stock in the offering, raising gross proceeds of $30.0
million. Stock certificates and refunds of oversubscriptions
will be processed promptly following the closing of the
offering. Stockholders who exercised over-subscription rights
will receive approximately 88.45449% of the shares for which they
submitted over-subscription orders.
Robert J. King, Jr., President and Chief Executive Officer,
stated, "We are extremely pleased by our success in raising this
capital in a very difficult environment, and we are very gratified
by the support of our stockholders. We view this as a critical
step in the rebuilding of Park View Federal. Following the
closing of the offering we will significantly exceed our regulatory
capital requirements, and we believe that the Company is now
positioned to achieve profitable growth in the greater Cleveland
market."
The rights offering was sole managed by Stifel Nicolaus &
Company, Incorporated. A copy of the prospectus may be
obtained from Stifel Nicolaus at One South Street, Baltimore,
Maryland 21202 or (443) 224-1988.
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.
This press release contains statements that are forward-looking,
as that term is defined by the Private Securities Litigation Act of
1995 or the Securities and Exchange Commission in its rules,
regulations and releases. The Company intends that such
forward-looking statements be subject to the safe harbors created
thereby. All forward-looking statements are based on current
expectation regarding important risk factors including, but not
limited to, real estate values, the impact of interest rates on
financing and the risk factors set forth in Item 1A of the
Company's Annual Report on Form 10-K for the year ended June 30,
2009 and Forms 10-Q for the quarters ended September 30, 2009 and
December 31, 2009. Accordingly, actual results may differ
from those expressed in the forward-looking statements, and the
making of such statements should not be regarded as a
representation by the Company or any other person that results
expressed therein will be achieved.
CONTACT: PVF Capital Corp.
Robert J. King, Jr.
440.248.7171
robert.king@pvfsb.com
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