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