ITEM 8.01 OTHER EVENTS.
PVF Capital Corp. (the "Company") and its wholly owned subsidiary Park
View Federal Savings Bank (the "Bank") have each received letters from the
Office of Thrift Supervision ("OTS"), dated June 26, 2009, indicating that as a
result of the OTS's assessment of the Company's and the Bank's financial
condition, the Company and the Bank are subject to specified operating
restrictions. These operating restrictions provide that: (1) the Bank must limit
its quarterly asset growth to net interest credited on deposit liabilities
during the quarter (unless additional asset growth is permitted by the OTS); (2)
the Bank and the Company must obtain OTS approval prior to appointing any new
director or senior executive officer; (3) the Bank and the Company must obtain
regulatory approval prior to making certain severance and indemnification
payments; (4) the Bank must receive OTS approval of any new, renewed or amended
arrangements providing compensation or benefits to its directors and senior
executive officers; (5) the Bank must obtain OTS approval of all third-party
contracts that are significant to the operation or financial condition of the
Bank or that are outside the normal course of business; (6) the Bank must
provide the OTS with advance notice of all proposed transactions with
affiliates; and (7) the Bank may not pay dividends or make any other capital
distribution, including the repurchase or redemption of capital stock, without
the prior approval of the OTS.
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