Contact:
INVESTORS
Patrick Kelly
United Community Financial Corp.
pkelly@homesavings.com
----------------------
330.742.0592
MEDIA MEDIA
Susan Stricklin C. Keith Swaney and Carol S. Porter
United Community Financial Corp. PVF Capital Corp.
sstricklin@homesavings.com keith.swaney@parkviewfederal.com
-------------------------- --------------------------------
330.742.0638 or 330.509.1456 carol.porter@parkviewfederal.com
--------------------------------
440.248.7171
FOR IMMEDIATE RELEASE
UNITED COMMUNITY FINANCIAL CORP. REVISES TIMETABLE FOR PVF CAPITAL CORP.
ACQUISITION
YOUNGSTOWN, OHIO (DECEMBER 17, 2007) The Office of Thrift Supervision has
notified United Community Financial Corp. (Nasdaq: UCFC) that the Office of
Thrift Supervision has suspended processing of the application for approval of
the merger of PVF Capital Corp. (Nasdaq: PVFC) into UCFC, pending the results of
the upcoming examination of UCFC's subsidiary, The Home Savings and Loan Company
of Youngstown, Ohio. Consistent with the normal examination cycle, UCFC expects
the examination of Home Savings by the Federal Deposit Insurance Corporation and
the State of Ohio will commence in January 2008.
It is not expected that the merger can be completed before the end of the first
quarter of 2008. In light of this, UCFC and PVF Capital Corp. will postpone
their respective shareholder meetings for approval of the merger, and PVF
Capital Corp. will hold its annual meeting of stockholders in early February
2008. At this time, UCFC and PVFC intend to continue to work towards completion
of the merger as quickly as possible.
United Community Financial Corp. is an Ohio-based unitary thrift holding
company. Its subsidiaries include The Home Savings and Loan Company and Butler
Wick Corp. Home Savings has 39 full-service branches and six loan production
offices located throughout Ohio and Western Pa., while Butler Wick has 19
offices and two trust office facilities within Northeastern Ohio and Western
Pennsylvania. Additional information on United Community may be found on its web
site: www.ucfconline.com.
PVF Capital Corp. is the holding company for Park View Federal Savings Bank,
headquartered in Solon, Ohio, serving the Greater Cleveland area with 17
full-service branch offices. Additional information on the company may be found
at www.parkviewfederal.com.
# # # # # # # #
This communication shall not constitute an offer to sell or the solicitation of
and offer to buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification of the securities under the securities
laws of any such jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
United Community has filed a Registration Statement on Form S-4 concerning the
merger with the SEC, which includes the joint proxy statement that will be
mailed to PVF Capital Corp.'s and United Community's shareholders. WE URGE
INVESTORS TO READ THESE DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Investors can obtain the documents free of charge at the SEC's website,
www.sec.gov. In addition, documents filed with the SEC by United Community are
available free of charge from the Secretary of United Community at 275 Federal
Plaza, Youngstown, Ohio, telephone (330) 742-0500. INVESTORS SHOULD READ THE
PROXY STATEMENT CAREFULLY BEFORE MAKING A DECISION CONCERNING THE MERGER. Copies
of all recent proxy statements and annual reports of United Community are also
available free of charge from United Community by contacting the company
secretary.
United Community, PVF Capital Corp. and their respective directors and executive
officers may be deemed to be participants in the solicitation of proxies to
approve the Merger. ADDITIONAL INFORMATION ABOUT THE DIRECTORS AND EXECUTIVE
OFFICERS OF UNITED COMMUNITY MAY BE OBTAINED THROUGH THE SEC'S WEBSITE FROM THE
DEFINITIVE PROXY STATEMENT FILED BY UNITED COMMUNITY WITH THE SEC ON MARCH 23,
2007. ADDITIONAL INFORMATION ABOUT THE DIRECTORS AND EXECUTIVE OFFICERS OF PVF
CAPITAL CORP. MAY BE OBTAINED THROUGH THE SEC'S WEBSITE FROM THE ANNUAL REPORT
ON FORM 10-K FOR THE YEAR ENDED JUNE 30, 2007 FILED BY PVF CAPITAL CORP. WITH
THE SEC ON SEPTEMBER 13, 2007. Additional information about participants in the
proxy solicitation and their interests in the transaction will be contained in
the prospectus/proxy statement to be filed with the SEC.
This press release contains "forward-looking statements" as that term is defined
in the Private Securities Litigation Reform Act of 1995. Words or phrases such
as "expect," "believe," "intend," "plan," "estimate," "may," "should," "will
likely result," "will continue," "is anticipated," "estimate," "project" and
similar expressions are intended to identify forward-looking statements. Such
forward-looking statements are subject to and involve known and unknown risks,
uncertainties and other factors, which may cause actual results to be materially
different from those indicated in the forward-looking statements. The following
factors, among others, could cause actual results to differ materially from the
anticipated results or other expectations expressed in forward looking
statements: (1) the businesses of United Community and PVF Capital Corp. may not
be combined successfully or such combination may take longer to accomplish than
expected; (2) the cost savings from the merger may not be fully realized or may
take longer to realize than expected; (3) operating costs, customer loss and
business disruption following the merger, including adverse effects on
relationships with employees, may be greater than expected; (4) governmental
approvals of the merger may not be obtained, or adverse regulatory conditions
may be imposed in connection with the governmental approvals of the merger; (5)
the shareholders of United Community or PVF Capital Corp. may fail to approve
the merger; (6) changes in general economic conditions, which could affect the
volume of loan originations, deposit flows and real estate values, credit
quality trends; (7) changes in laws, regulations or policies by government or
regulatory agencies, (8) fluctuations in interest rates, (9) change in the
demand for loans in the market areas that United Community and PVF Capital Corp.
conduct their respective business, and (10) competition from other financial
services companies in United Community's and PVF Capital Corp.'s markets. These
statements include, but are not limited to, statements about United Community's
and PVF Capital Corp.'s plans, objectives, expectations and intentions and other
statements contained in this presentation that are not historical facts. United
Community and PVF Capital Corp. caution readers not to place undue reliance on
any such forward-looking statements, which speak only as of the date made.
United Community and PVF Capital Corp. undertake no obligation to publicly
release the result of any revisions that may be made to any forward-looking
statements to reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated events.