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.
“In out view, we’ve taken failure off the table”, Mr. King said. “The regulators, I believe, are very pleased with our capital raise.”
The bank closed a $30 million stock offering – which was oversubscribed – in March. That’s on top of two deals that exchanged $20 million in trust preferred securities for cash, stock and warrants, resulting in a pre-tax gain of $17.6 million.