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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 1, 1999
PVF CAPITAL CORP.
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(Exact name of registrant as specified in its charter)
Ohio 0-24948 34-1659805
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
25350 Rockside Road, Bedford Heights, Ohio 44146
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
(440) 439-2200
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
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On June 1, 1999, the Board of Directors of the Registrant
announced that it was commencing a stock repurchase program to
acquire up to 199,540 shares of its common stock, representing
approximately 5% of the outstanding common stock. The Board of
Directors of the Registrant also announced that it has
established a policy for the payment of quarterly cash
dividends. The first dividend, payable July 12, 1999 to
stockholders of record at the close of business on June 30,
1999, will be in the amount of $.08 per share.
Further information regarding the stock repurchase and the
quarterly cash dividend is set forth in a press release dated
June 1, 1999, attached as Exhibit 99.1 and incorporated herein
by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
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Exhibit 99.1 Press Release dated June 1, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
PVF CAPITAL CORP.
Date: June 2, 1999 By: /s/ C. Keith Swaney
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C. Keith Swaney
Vice President and Treasurer
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PVF Capital Corp. Announces Stock Repurchase Program and
Quarterly Cash Dividend Policy
CLEVELAND, June 1 /PRNewswire/ -- PVF Capital Corp.
(Nasdaq:PVFC), announced that it is commencing a stock
repurchase program to acquire up to 199,540 shares of the
Corporation's common stock, which represents approximately 5% of
the outstanding common stock. The program will be dependent
upon market conditions and there is no guarantee as to the exact
number of shares to be repurchased by the Corporation.
John R. Male, President, stated that the Board of
Directors has authorized the repurchase program, which is
expected to be completed within 12 months. Mr. Male explained
that the Board of Directors considers the Corporation's common
stock to be an attractive investment. It is expected that a
reduction in the amount of the Corporation's outstanding stock
would have the effect of increasing the Corporation's per share
earnings and return on equity. According to Mr. Male, the
repurchases generally would be effected through open market
purchases, although he did not rule out the possibility of
unsolicited negotiated transactions or other types of
repurchases.
In addition, the Corporation announced that its Board of
Directors has established a policy for the payment of quarterly
cash dividends. The first quarterly cash dividend will be in
the amount of $.08 per share and will be paid on July 12, 1999
to stockholders of record at the close of business on June 30,
1999.
Mr. Male stated that the Board of Directors determined
that the payment of quarterly dividends was appropriate in light
of the company's financial condition and results of operations.
He noted that future dividends will be dependent upon the
Company's financial condition, earnings, capital needs,
regulatory requirements and economic conditions.
This press release contains statements that are forward-
looking, as that term is defined by the Private Securities
Litigation Act of 1995 or the Securities and Exchange Commission
in its rules, regulations, and releases. The Company intends
that such forward-looking statements be subject to the safe
harbors created thereby. All forward-looking statements are
based on current expectation regarding important risk factors
including, but not limited to, real estate values, the impact of
interest rates on financing and year 2000 issues. Accordingly,
actual results may differ from those expressed in the forward-
looking statements, and the making of such statements should not
be regarded as a representation by the Company or any other
person that results expressed therein will be achieved.
PVF Capital Corp.'s common stock trades on the Nasdaq
Small-Cap market under the symbol PVFC.
SOURCE Park View Federal Savings Bank
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/CONTACT: C. Keith Swaney of Park View Federal Savings
Bank, 440-439-2200/
(PVFC)
