PVF Capital Corp. Announces Termination Of October 2009 Regulatory Order By Office Of The Comptroller Of The Currency
SOLON, Ohio, Aug. 27, 2012 (GLOBE NEWSWIRE) -- PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View Federal Savings Bank, announced today that the Office of the Comptroller of the Currency (OCC) has lifted the regulatory order that has been in effect with respect to the Bank since October 2009. The Bank has met the targets established by the regulatory order, including tier one capital, risk-based capital and classified and criticized assets ratios, as well as achieving profitability.
Robert J. King, Jr., President and Chief Executive Officer, commented, "The OCC's removal of the regulatory order is a significant milestone and a major step forward for Park View. We continue to strengthen our position for long-term growth and profitability, and we have seen steady improvement in earnings and asset quality. We have broadened our product offerings, added resources to our commercial banking and small-business lending teams, and will continue to focus on our transformation strategy to deliver sustained profitability as a strong community bank."
The regulatory order was issued October 19, 2009, and required the Bank to raise its tier one (core) capital level to at least 8% of adjusted total assets, and its total risk-based capital to at least 12% of risk-weighted assets. The Company raised $30 million in new capital in March 2010. As of June 30, 2012, the ratio of tier one capital to adjusted total assets stood at 8.74%, and total risk-based capital to risk-weighted assets was 13.10%.The Bank also now exceeds the asset quality requirements of the regulatory order. As of June 30, 2012, its level of classified assets to core capital plus general valuation allowance ratio was 48.2%, and its level of classified assets plus special mention assets to core capital plus general valuation allowance ratio was 55.0%. The regulatory order requires these ratios to be no greater than 50% and 65%, respectively.
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