Exhibit 99.1

PRESS ANNOUNCEMENT

PVF Capital Corp. Announces Fiscal Third Quarter Results.

Solon, OH – PVF Capital Corp. (Nasdaq: PVFC), the parent company of Park View Federal Savings Bank, announced a net loss of $2,793,536, or $0.11 basic and diluted loss per share for the quarter ended March 31, 2011. This compares with net income of $1,269,065 for the prior year period which included a nonrecurring pretax gain of $9,065,908 on the cancellation of debt. Absent the gain, a net loss of $4,714,434 would have been recorded in the prior period.

As previously announced, the $50 million repurchase borrowing agreement matured in late March 2011. This borrowing which carried an interest rate of 4.99% was settled using a portion of the Bank’s short-term cash and cash equivalents position. This had the result of further deleveraging the Bank’s balance sheet, improving the tier I core capital ratio and will reduce annual borrowing costs related to this debt by approximately $2.5 million. The underlying investment securities were retained in the portfolio and had a net unrealized market gain of approximately $722,000 at March 31, 2011.

Mortgage banking revenue experienced a sharp decline as higher mortgage rates resulted in a slow down of residential mortgage refinancing activities. The lower mortgage volume resulted in mortgage loan sale income of $378,000 which was a decrease of $2.1 million from the linked quarter of December 31, 2010, and a decrease of $234,000 from the prior year quarter. Net servicing income during the quarter was $299,000. The slow down of refinancing activities and corresponding prepayment speeds resulted in a partial recovery in the estimated fair value of certain tranches of the Company’s mortgage servicing rights, which had a valuation allowance of $465,000. The Company recognized a recovery of $127,000 during the period, leaving a valuation allowance of

$338,000. The estimated value of the Company’s mortgage servicing rights portfolio, as a whole, continues to exceed its carrying value.

Robert J. King, Jr., President and Chief Executive Officer commented, “This was another significant quarter for the Company as we continued to successfully resolve a number of problem assets, deleveraged the balance sheet as a result of the matured repurchase agreement, and continued to strengthen its liquidity position, all key components in positioning the Company for future profitability.”

During the quarter, the Company made significant progress in reducing its level of nonperforming assets. Nonperforming loans declined $5.6 million, or 9.6%, in addition to a decrease of $0.6 million in other real estate owned, resulting in a net decrease in nonperforming assets of $6.2 million. The Company continued to reduce its level of classified assets to core capital plus general valuation allowance ratio to 69.7% at March 31, 2011, compared with 97.4% at March 31, 2010. The Company also reduced its level of classified assets plus special mention assets to core capital ratio plus general valuation allowance to 91.9%, compared with 102.9% a year ago.

During the current period, total assets declined $53.5 million, or 6.4%, while the loan portfolio shrunk $1.4 million, or 0.2%, as the Company reduces its problem loans. Net of problem loan disposition, the Company experienced growth in the loan portfolio of $4.2 million, an important first step in the strategy to return to profitability. The decline in total assets was primarily the result of the maturity of a $50 million repurchase agreement borrowing as previously discussed.

Net interest income for the period declined $98,000 and $123,000, as compared with the periods ending December 31, 2010 and March 31, 2010, respectively, due to the smaller balance sheet. The Company continues to maintain a relatively high level of liquidity as part of its turnaround strategy and positioning for balance diversification. Although the balance sheet is smaller, the net interest margin was 2.58% for the period and was higher than the 2.56% reported for the linked period and higher than the 2.55% for the year ago period.

The provision for loan losses totaled $2.1 million, reflecting the continued difficult economic operating environment, along with costs associated with problem asset disposition during the quarter. The provision for loan losses totaled $4.5 million in the previous period and $7.0 million in the prior year period.

The allowance for loan losses at March 31, 2011 was $29.9 million, or 5.0%, of total loans outstanding. This compares to $31.5 million and 5.3%, respectively, at December 31, 2010 and $30.3 million and 4.8%, respectively, at March 31, 2010. The allowance’s coverage of nonperforming loans continued to improve during the quarter to 56.8% at March 31, 2011, compared with 54.1% and 43.3% at December 31, 2010 and March 31, 2010, respectively.

Park View Federal is a wholly-owned subsidiary of PVF Capital Corp. and operates 17 full-service offices located throughout the Greater Cleveland area. For additional information, visit our web site at www.myparkview.com.

This press release contains statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectation regarding important risk factors including, but not limited to, real estate values and the impact of interest rates on financing. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved.

PVF Capital Corp.’s common shares trade on the NASDAQ Capital Market under the symbol PVFC.

PVF CAPITAL CORP.

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

PVF CAPITAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

FINANCIAL HIGHLIGHTS