This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PVF Capital Corp. Announces Transition Of Boards Of Directors And Appointment Of New Director

SOLON, Ohio, Aug. 2, 2010 (GLOBE NEWSWIRE) -- PVF Capital Corp. (Nasdaq:PVFC) (the "Company") today announced the restructuring of the Company's board of directors and of the board of directors of its wholly owned subsidiary, Park View Federal Savings Bank (the "Bank"). At regularly scheduled meetings of the boards last week, the directors unanimously agreed to amend the Company's bylaws and temporarily expand the size of the Company's board from twelve to thirteen members to accommodate the appointment of Frederick D. DiSanto to the boards of directors of the Company and the Bank. In addition, the Company's board also accepted the resignations of directors Robert K. Healey, Ronald D. Holman II, Stanley T. Jaros, John R. Male, and Raymond J. Negrelli, effective July 28, 2010. With the appointment of Mr. DiSanto and the resignations of Messrs. Healey, Holman, Jaros, Male and Negrelli, the Company anticipates that the Company and Bank boards will be reduced in size from thirteen to eight members, subject to the receipt of any required regulatory approvals. The planned transition in directorships comes as part of the operational and financial restructuring of the Company that included the recently completed rights offering and offering of shares to a standby investor that raised gross proceeds of $30.0 million before expenses.

"We have reached a natural transition point for reduction in the size of the boards," said Mark D. Grossi, chairman of the boards of the Company and the Bank. Mr. Grossi thanked the departing board members for their insight and commitment in helping to stabilize and transition the Company and the Bank following the retirements of former chairman and chief executive officer John R. Male and president and chief operating officer C. Keith Swaney, throughout the search for new management, and the directors' assistance with the rights offering.

Mr. Grossi added, "Over the past year, the board has put in place a new president and chief executive officer and a new executive management team with the leadership and experience to restructure and reposition the Company to achieve new levels of success. I am delighted to welcome Fred DiSanto to our boards. His investment career spans more than 25 years and he has a strong background in banking. I believe we have the right team in place to maintain profitability, develop long-term strategies, and successfully move the Company forward."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
PVFC $0.00 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs