SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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):
December 2, 1998
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.)
2618 N. Moreland Boulevard, Cleveland Heights, Ohio 44120
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
(410) 991-9600
Not Applicable
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(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
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Year 2000 Readiness Disclosure
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In its Annual Report on Form 10-K for the year ended June
30, 1998 (the "Form 10-K") and its Quarterly Report on Form 10-
Q for the quarter ended September 30, 1998 (the "Form 10-Q"),
PVF Capital Corp. (the "Company") disclosed information with
respect to its year 2000 preparedness. The Company hereby
repeats such disclosure, set forth below, for the purpose of
designating such disclosure as a "Year 2000 Disclosure Readiness
Disclosure" within the meaning of Section 3(9) of the Year 2000
Information and Readiness Disclosure Act.
The following disclosure was set forth under Management's
Discussion and Analysis of Financial Condition and Results of
Operations -- Results of Operations -- Year 2000" in the
Company's Annual Report to Stockholders filed as Exhibit 13 to
the Form 10-K:
Year 2000
Park View Federal realizes the challenges of the Year 2000
issue. In compliance with regulatory guidelines, a project team
was assembled to review the effects the century change has on
current systems and to assess the potential risks that it
presents. A formal plan of action was developed to address and
correct this issue and has been approved by the Bank's Board of
Directors with the full support of senior management. An
inventory of internal systems, both computer and non-computer
related, was completed in this process. Relationships with
third-party vendors were also analyzed. Potential weaknesses
were then documented and prioritized as to their effect on
critical business functions. Our major software supplier has
dedicated tremendous resources to help in addressing this issue.
They recently released the remediated version of the system that
has undergone extensive beta testing. All user departments are
involved in the testing process in-house to assure validation of
the changes. Our software supplier has advised us that this
testing is expected to reveal any potential problems well in
advance of the impending deadline. At this same time, testing
will take place of those external relationships with which the
Bank exchanges information. Additional testing is also expected
to take place on all other mission-critical information systems.
It is believed that this readiness will increase the likelihood
of uninterrupted operation of Bank functions.
In addressing this issue, the Bank has used its current
internal staffing with little reliance on outside resources.
Major vendors have provided remediated software at no expense to
the Bank. No major system had to be replaced and none is
expected to be replaced in the coming years. As a result,
expenses were approximately $5,000 for fiscal year 1997 with
expenditures for fiscal year 1998 estimated at $20,000. These
expenditures are in the areas of customer awareness and
additional software tools for testing.
Rapid and accurate data processing is essential to Company
operations. If testing reveals that any system critical to
continued business operation should fail, all internal and
external resources
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available will be directed toward correcting these systems.
System delays, mistakes, or failures could have an adverse
impact on the Company. We are currently under contract with an
external consulting service should a system failure occur.
End-user contingencies are also being developed. It is expected
that these plans will be in place during the fourth quarter of
1998.
The following disclosure was set forth under "Item 2.
Management's Discussion and Analysis of Financial Condition and
Results of Operations -- Year 2000" in the Company's Form 10-Q:
YEAR 2000
The Company has assembled a project team to review the
effects the century change has on current systems and to assess
the potential risks that it presents. A formal plan of action
was developed to address and correct this issue and has been
approved by the Bank's Board of Directors with the full support
of senior management. A plan is in place to educate our staff
personnel and to inform our customer base of the year 2000
issue. An inventory of internal systems, both computer and
non-computer related, was completed in this process.
Relationships with third-party vendors were also analyzed.
Potential weaknesses were then documented and prioritized as to
their effect on critical business functions. Our major software
supplier has dedicated tremendous resources to help in
addressing this issue. They recently released the remediated
version of the system that has undergone extensive beta testing.
All user departments are involved in the testing process
in-house to assure validation of the changes.
Our software supplier has advised us that this testing is
expected to reveal any potential problems well in advance of the
impending deadline. At the same time, testing will take place of
those external relationships with which the Bank exchanges
information. Additional testing is also expected to take place
on all mission-critical information systems. It is believed that
this preparation will increase the likelihood of uninterrupted
operation of Bank functions.
In addressing this issue, the Bank has used its current
internal staffing with little reliance on outside resources.
Major vendors have provided remediated software at no expense to
the Bank. No major system had to be replaced and none is
expected to be replaced in the coming years. As a result,
expenses were approximately $5,000 for fiscal year 1997 and
$20,000 for fiscal year 1998, with anticipated expenses of
$5,000 for fiscal year 1999. These expenditures are in the areas
of customer awareness and additional software tools for testing.
Rapid and accurate data processing is essential to Company
operations. If testing reveals that any system critical to
continued business operation should fail, all internal and
external resources available will be directed toward correcting
these systems. System delays, mistakes, or failures could have
an adverse impact on the Company. We are currently under
contract with an external consulting service should a system
failure occur. End-user contingencies are also being developed.
It is expected that these plans will be in place during the
fourth quarter of 1998.
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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 hereto duly authorized.
PVF CAPITAL CORP.
Date: December 2, 1998 By: /s/ Jeffrey N. Male
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Jeffrey N. Male
Secretary