PVF Capital Corp. Increases Loan Loss Reserve; Reduces Cash Dividend; Reports Fourth Quarter and...

SOLON, Ohio, July 25, 2008 (PRIME NEWSWIRE) -- PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View Federal Savings Bank, today announced an additional increase in its loan loss reserve by $4 million in the fiscal fourth quarter ended June 30, 2008. This increase will be a non-cash charge against fourth quarter and year-end earnings and will in no way affect the bank's well-capitalized status, with capital ratios well in excess of regulatory requirements. Chairman John R. Male said, "We believe increasing the provision for loan loss reserves to be a prudent measure to protect the bank given the weak housing market and slowing economy that continues to adversely affect the region." He continued, "With non-performing assets as our primary challenge, we continue to work with those borrowers to return these assets to... [read full story]