The Office of the Comptroller of the Currency has released PVF Capital's (PVFC) bank unit from an enforcement order after the Solon, Ohio, bank met capital requirements.
The October 2009 order required the $791 million-asset Park View Federal Savings Bank to increase its Tier 1 (core) capital level to at least 8% and its total risk-based capital to at least 12%. PVF raised $30 million in new capital in March 2010 and at June 30, the bank's Tier 1 capital was 8.74% and its total risk-based capital ratio was 13.10%.
Park View also exceeded the asset quality requirements under the order, the company said Monday. As of June 30, its level of classified assets to core capital plus general valuation allowance ratio was 48.2%, below 50% as required in the order.
PVF earned $400,000 for the quarter that ended March 31, its first profitable quarter in four years. For its fiscal-year that ended June 30, it reported a loss of $1.3 million, down from a $9.7 million loss for a year earlier.