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PVF Capital terminates merger agreement with United Community Financial, will consider alternatives
By Lisa Kerner
Charlotte, N.C., April 1 - PVF Capital Corp. said its board of directors has terminated the company's agreement and plan of merger with United Community Financial Corp.
Under the agreement, either party could terminate the deal if the proposed merger was not completed by March 31 and if the failure to consummate the merger was not caused by a breach of the agreement by the terminating party, a PVF Capital news release stated.
"In light of the termination of the merger agreement with United Community and the challenging operating environment presently faced by the banking industry, we will continue to efficiently and effectively operate the bank as well as review our strategic alternatives," PVF Capital chairman John R. Male said in the release.
PVF Capital said Keefe, Bruyette & Woods, Inc. is assisting in the review process.
Originally, United Community agreed to acquire PVF Capital in a stock and cash transaction valued at about $130.8 million and expected to close by the end of 2007, it was previously reported.
PVF Capital shareholders would have elected to receive for each share of PVF Capital stock they own $18.50 in cash, 1.852 shares of United Community common stock or a combination of $9.25 in cash and 0.926 of a share of United Community common stock.
In December, the proposed merger was postponed after the Office of Thrift Supervision suspended processing of the application for the merger's approval. The delay was due to pending results of an examination of a United Community subsidiary, a prior news release said.
United Community is a Youngstown, Ohio-based unitary thrift holding company.
PVF Capital, based in Solon, Ohio, is the holding company for Park View Federal Savings Bank.
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