Completion of PVF Capital, United Community merger delayed until 2008

By Lisa Kerner

Charlotte, N.C., Dec. 18 - The Office of Thrift Supervision has suspended processing the application for approval of the merger of PVF Capital Corp. and United Community Financial Corp. pending results of an upcoming examination of a United Community subsidiary.

As a result, the merger is not expected to be completed before the end of the first quarter of 2008. The merger had been slated to close by the end of 2007.

United Community and PVF Capital will also postpone their respective shareholder meetings to vote on the merger, a news release stated.

As previously reported, United Community agreed to acquire PVF Capital in a stock and cash transaction valued at about $130.8 million.

Under the terms of the agreement, PVF Capital shareholders can elect 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.

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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