HERMITAGE, PA and SOLON, OH, Feb. 19, 2013 — F.N.B. Corporation (NYSE: FNB) and PVF Capital Corp. (NASDAQ: PVFC) jointly announce the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire PVF Capital Corp., the Solon-based holding company and parent of Park View Federal Savings Bank, in an all stock transaction valued at approximately $3.98 per share, or $106.4 million in the aggregate using the 20-day trailing stock price of F.N.B. Corporation as of Friday, February 15, 2013. [Read more…] about PVF Capital to be Acquired by FNB
- Net income of $2.7 million for the quarter, boosted by strong mortgage banking results and improved mix of earning assets
- Momentum building in commercial loan growth
- Core operating results continue to improve and reflect the impact of the ongoing business transformation
- Capital ratios remain strong
- Fiscal 2012 and First Quarter Fiscal 2013 results revised for correction deemed immaterial
Solon, OH – PVF Capital Corp. (Nasdaq: PVFC), the parent company of Park View Federal Savings Bank, announced net income of $2.7 million, or $0.10 basic and diluted earnings per share, for the fiscal 2013 second quarter ended December 31, 2012. These results compare favorably with a net loss of $1.9 million, or $0.07 basic and diluted loss per share, for the prior-year quarter and net income of $1.4 million, or $0.05 basic and diluted earnings per share, for the fiscal 2013 first quarter ended September 30, 2012.
Robert J. King, Jr., President and Chief Executive Officer, commented, “We are pleased with our continued progress in all areas, including mortgage originations and refinancing, commercial lending, and relationship banking. As a result of our strategic transformation, we are generating solid revenue growth and strengthening our balance sheet, which has led to strong momentum and improved operating performance for Park View.” [Read more…] about PVF Capital Corp. Announces Increased Earnings for Fiscal 2013 Second Quarter
David Dolan, CEO, announced that Christopher Hafke has joined KKSP Precision Machining as vice president of operations. Chris comes to KKSP with over 22 years of manufacturing operations accomplishment including over 14 years of successful profit and loss responsibility. Chris brings experience as president, COO, and director/vice president of operations with a multi-national Fortune 500 Corporation. He recently severed as group plant manager for a major manufacturing and distribution corporation with operations in the U.S. and Mexico. Lean Certification, Baldrige Examiner, Six Sigma and High Volume Continuous Improvement are included in Chris’ expertise.
Solon, OH – 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.” [Read more…] about PVF Capital Corp. Announces Termination of October 2009 Regulatory Order
David Dolan, CEO, announced that Mark Murray has joined KKSP Precision Machining as vice president and CFO. Mark came from Doumak where he was a controller for a multi-plant manufacturer. He established key performance indicators and rigorous controls in a rapid new product and sales growth environment. Prior to joining Doumak, Mark was a controller for IMS Olson, formerly Olson International, where he was responsible for financial and management accounting and reporting, budgeting, cash flow and asset management, product costing, risk management and strategic planning as a member of the executive management team.
- Net income for the fiscal 2012 fourth quarter of $0.8 million, fueled by strong mortgage banking revenue
- Company achieves its 11th consecutive quarterly improvement in key regulatory asset quality ratios and meets asset quality targets established by the regulatory order
- Nonperforming assets decline $5.5 million or 16.5%
- Capital ratios remain strong and exceed prescribed regulatory levels
Solon, OH – PVF Capital Corp. (Nasdaq: PVFC), the parent company of Park View Federal Savings Bank, announced net income of $0.8 million, or $0.03 basic and diluted earnings per share, for the quarter ended June 30, 2012. These results compare with a net loss of $2.6 million, or $0.10 basic and diluted loss per share, for the prior-year quarter, and net income of $0.4 million, or $0.02 basic and diluted earnings per share, for the quarter ended March 31, 2012. For the full-year fiscal 2012, the Company reported a net loss of $1.3 million, or $0.05 basic and diluted loss per share, compared with a net loss for the prior year of $9.7 million, or $0.38 basic and diluted loss per share. [Read more…] about PVF Capital Corp. Announces Fiscal 2012 Fourth-Quarter Earnings and Full-Year Financial Results
The Fort Wayne Journal Gazette covered the acquisition of Toledo Gear Motor by CapitalWorks’ portfolio company Bluffton Motor Works. In the article, Bluffton President David Nussear briefly discusses the strategic significance of the purchase. Read the article here.
CapitalWorks, LLC and its affiliate fund, Short Vincent Partners II, are pleased to announce the acquisition of Magna-Tech Manufacturing. Magna-Tech is the largest independent provider of vacuum impregnation sealing solutions in North America for both cast metal and electronic components. The Company also offers metal machining, leak testing, chromating, cleaning, shot blasting, sub assembly, thermal deburring and sorting services. Its customers primarily produce components for the automotive, railcar, pleasure boat, electric motor, electronic module and wire/cable industries. Magna-Tech is headquartered in Muncie, Indiana.
CapitalWorks, LLC and its affiliate fund, Short Vincent Partners II, are pleased to announce the acquisition of KKSP Precision Machining based in Glendale Heights, Illinois. KKSP is a leading North American manufacturer of high-volume, precision metal components. The Company produces brass, steel, aluminum, and bronze parts, often on a sole-source basis, for multinational, blue chip original equipment manufacturers (“OEMs”) in the automotive, fire protection, appliance, commercial construction electronics, and farm equipment markets.
NEW YORK, NY — (Marketwire) — 01/05/12 — On the heels of launching STACK 4W, STACK Varsity and STACK Gamer, STACK Media, Inc. is unveiling STACK Basic Training (basictraining.stack.com), a website delivering quality information and advice on workouts and training, leadership skills and problem solving — straight from some of the highest ranking soldiers in the United States military.
Providing the latest news and information from all branches of the Armed Forces — Army, Navy, Air Force, Marines, Coast Guard and Army National Guard — STACK Basic Training is the ultimate destination for athletes checking out military options, seeking college scholarship assistance and exploring career choices — and for anyone looking to develop leadership skills and mental toughness to enhance their athletic résumés. [Read more…] about STACK Media Launches Educational Military Site: STACK Basic Training
STACK Media Launches Vertical Content Site for Gaming and Entertainment
New STACK Gamer Site Leverages the Company’s Relationships With Professional Athletes, Top Video Game Sites and Video Game Publishers
NEW YORK, NY–(Marketwire – Dec 7, 2011) – STACK Media, Inc. is unveiling STACK Gamer (www.stackgamer.com), a vertical content site providing entertainment content and how-to information for video gamers — with a focus on improving performance in virtual competitions. An extension of STACK.com, the nation’s leading multimedia platform for active sports participants, STACK Gamer will address the off-the-field needs and interests of athletes and connect with “virtual athletes” — catering to the athletic lifestyle, which is closely tied to gaming and entertainment. [Read more…] about STACK Media Launches Vertical Content Site for Gaming and Entertainment
The New Platform Leverages the Company’s Relationships With 12,000 U.S. High Schools, Allowing Teams, Athletes and Coaches to Create Online Content and Get Published via STACK’s Various Media Properties
NEW YORK, NY–(Marketwire -11/02/11)- STACK Media, Inc., the nation’s leading multimedia company serving active sports participants, today announced the launch of STACK Varsity (www.stackvarsity.com), a social content platform that allows high school teams, athletes and coaches to create content and earn opportunities to be published in STACK Magazine and on the Company’s various digital properties. In addition, STACK announced a strategic alliance with Varsity Networks, Inc., a high school sports and Internet services company.
Growth of High School Sports
In 2010-11, participation in high school sports increased for the 22nd consecutive year, according to the annual High School Athletics Participation Survey conducted by the National Federation of State High School Associations (NFHS). Based on figures from the 50 state high school athletic associations and the District of Columbia (all members of NFHS), sports participation during the 2010-11 school year set another new record, totaling 7,667,955 student-athletes. The survey reported that 55.5 percent of students enrolled in U.S. high schools participate in sports. Further, according to NFHS, more fans attended high school basketball and football games than attended college and professional games combined. During the 2009-10 school year, attendance at high school sporting events — for the 16 sports with the highest participation rates — reached approximately 510 million: 468 million for regular season events and 42 million for state playoff contests. [Read more…] about STACK Media Launches Social Content Platform for High School Sports
NEW YORK, NY–(Marketwire -10/26/11)- STACK Media, the nation’s leading provider of sports performance information and services for athletes, is pleased to announce the creation of STACK for Women (www.stack4w.com), launching on October 26, 2011.
STACK 4W will be the ultimate destination for female athletes looking to reach the next level — another STACK platform with authoritative and actionable “how-to” content and guidance on training, fitness, nutrition, sports skills, gear, and lifestyle. [Read more…] about STACK Media Launches Women’s Site: STACK 4W
CapitalWorks, LLC and Little Mountain Industries, Inc. are pleased to announce the acquisition of the assets of Premium Molding Inc., and the formation of Premium Plastic Solutions LLC, a blow molding company headquartered in Latrobe, PA.
The Ultimate Online Destination for Performance Athletes, Combining Training Programs, Content and Social Networking Features
Still in Beta, the Ambitious Platform for Active Sports Participants Is Now Available to Athletes
NEW YORK, NY–(Marketwire – July 26, 2010) – Sports beverage and performance pioneer Gatorade has partnered with STACK Media, the leading producer and distributor of sports training, performance and lifestyle content for active sports participants, to evolve its innovative online training tool and social networking platform: the Gatorade Performance Center.
By teaming up with STACK, Gatorade gains access to the highest concentration of active young males (12 to 24 years old) on the Internet. More than 4 million unique visitors each month engage with STACK Media sites, placing STACK among the leaders in sports properties online. [Read more…] about Gatorade Partners With STACK Media to Evolve the Gatorade Performance Center
Bob King, president and CEO of PVF Capital Corp. and Park View Federal Savings Bank in Solon, wants you to know that his is a good news story.
The bank and its holding company, which received federal cease-and-desist orders from the Office of Thrift Supervision last October, have raised capital capital and now exceed regullator’ requirements. They have a new management team, Mr. King included, that is focused on reducing the bank’s non-performing assets and maintaining its profitability. And they have seen what he called “a modest improvement” in asset quality. [Read more…] about PVF Capital Pleases Regulators with Elevated Capital Levels
- Net income for the third quarter of fiscal 2010 of $1.3 million as a result of successfully completing previously announced trust preferred securities obligation cancellation resulting in pre-tax gain of $9.1 million.
PVF Capital Corp. successfully completed $30 million shareholder rights offering, improving its tangible common equity ratio to 9.59%.
$15 million of the offering proceeds was invested into Park View Federal Savings Bank improving its regulatory capital ratios to 8.23% tier one (core) and 12.19% total risk based, exceeding the requirements of the regulatory order.
Linked quarter decline in nonperforming assets of 5.2%.
Managed cost of deposits resulting in a 6 basis point expansion of net interest margin to 2.55% from 2.49% in the December 2009 quarter.
Provision for Loan Losses of $7.0 million during the quarter resulting in an allowance for loan losses of $30.3 million or 4.76% of loans.
PVF Capital Corp., the parent company of Park View Federal Savings Bank, announced net income of $1.3 million or $0.14 basic and $0.13 diluted earnings per share for the quarter ended March 31, 2010, as compared to a loss of $8.6 million or $1.10 basic and diluted loss per share for the prior year comparable period. Net income for the current period resulted primarily from the completion of the previously entered exchange agreement whereby the Company paid $400,000 in cash, and issued $600,000 in common stock and warrants valued at $1.0 million in exchange for the cancellation of $10.0 million of Trust Preferred Securities Obligations. This transaction resulted in a pre-tax gain of $9.1 million, which included the elimination of $1.1 million in accrued interest due on this debt. The quarter was highlighted by the successful completion of the shareholders’ rights offering which was oversubscribed and resulted in the raising of $30 million in new capital. The additional capital improved the Company’s tangible common equity ratio to 9.59% at March 31, 2010 from 6.16% the prior quarter. [Read more…] about PVF Capital Corp. Announces Quarterly Operating Results
CapitalWorks is pleased to announce its investment in PVF Capital, the holding company for Park View Federal Savings Bank which operates 17 offices in Northeast Ohio.
CapitalWorks was the standby purchaser in a $30.0 million rights offering completed on March 26, 2010 and acquired 9.6% of the common shares of PVF Capital.
PVF Capital Corp.’s common stock trades on the NASDAQ Capital Market under the symbol PVFC.
Evolution Capital Management LLC of Pepper Pike has made its first investment from the firm’s $15 million private equity fund in a deal to acquire Innerpac Inc., a maker of corrugated and chip board partitions in Cicero, Ill.
Evolution would not say what was paid for Innerpac, which previously was owned by national City Equity Partners. Innerpac’s management and Cleveland private equity firm CapitalWorks LLC also were investors in the deal, though the size of the investments were not disclosed.
Agreeing to buy Canada’s largest parking company is only the beginning for Gates Group, a May- field Heights-based private equity firm that plans to play consolidator in the fragmented North American parking business.
Buying and taking private Imperial Parking Co., which has about 325,000 parking spaces under management, will cost Gates and its partners about $60 million, if the $26-per-share transaction Imperial announced Jan. 23 wins shareholder and regulatory
The Cleveland-based firm that has acquired a division of Franklin Electric is just seven years old but has invested in a range of businesses from parking lot management companies to a magazine.
CapitalWorks LLC, founded in 1999, announced last week that it was acquiring the Engineered Motor Products division of Bluffton-based Franklin Electric but intends to keep the manufacturing operations in the Wells County community. [Read more…] about Franklin Among Broad Investments