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."