PVF Capital Corp. Announces Positive Impact of Repayment of Repurchase Agreement
March 24 2011 - 2:30PM
PVF Capital Corp. (Nasdaq:PVFC) (the "Company") announced today a
change in the liquidity position and improvement in the tier 1 core
capital ratio of its banking subsidiary, Park View Federal Savings
Bank (the "Bank"), as a result of the maturity of a $50 million
repurchase agreement, which the Bank entered into in March 2006.
The borrowing, which matured March 21, 2011, carried an interest
rate of 4.99% and was settled by using a portion of the Bank's
short-term cash and cash equivalents position, which totaled $131
million at December 31, 2010. The Company expects to reduce its
annual borrowing costs related to the matured borrowing by
approximately $2.5 million.
As a result of this maturity transaction, the Company's total
assets, which were $830.6 million at December 31, 2010, are
expected to decline by approximately 6.0%. The Bank's tier 1 core
capital ratio, which totaled 8.84% at December 31, 2010, is
expected to improve by approximately 50 basis points as a result of
the smaller balance sheet.
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.myparkview.com.
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 and the impact of interest rates on
financing. 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.
PVF Capital Corp.'s common shares trade on the NASDAQ Capital
Market under the symbol PVFC.
CONTACT: Robert J. King, Jr.
440.248.7171
robert.king@pvfsb.com
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