Bailout Bank Bio: Parkvale Financial

Aug 6, 2009 | 2 min read | Print Article

Parkvale Financial Corporation operates as a holding company for Parkvale Savings Bank that provides various consumer and commercial banking services to individuals, partnerships, and corporations in the Pittsburgh metropolitan area. It attracts deposits from the general public and investing such deposits, together with other funds, in residential real estate loans, consumer loans, commercial loans, and investment securities. The company offers various deposit product products, including passbook and statement savings, commercial checking, noninsured sweep, checking, and money market accounts, as well as certificates of deposit, IRA certificates, and jumbo certificates of deposit. Its loan portfolio consists of residential real estate loans; commercial real estate loans; commercial loans comprising secured and unsecured loans; and consumer loans, such as home equity, student, personal, home improvement, and automobile loans, as well as credit cards, and home equity and personal lines of credit. As of June 30, 2008, the company operated 48 offices, including 41 offices in Pennsylvania, 2 in West Virginia, and 5 in Ohio. Parkvale Financial Corporation was founded in 1943 and is headquartered in Monroeville, Pennsylvania.

In December the company began participating in the Treasury Department’s Capital Purchase Program. Under the program the company received $31.8 million from Treasury in exchange for preferred stock.

Federal Equity Investment	$31.8 million
Total Revenue	$108.9 million (2008)
Net Income	$12.8 million (2008)
Number of Employees	391
Corporate Headquarters	Monroeville, Pennsylvania
Business Sector	Banking
Officers and Directors	McCarthy, Robert, Vice Chairman of the Board; President, CEO of Parkvale Financial Corp. and the Bank Other Officers and Directors
Corporate Website	http://www.parkvale.com
Executive Compensation	Parkvale Financial