United Community Financial Corp. Announces Leadership Transition
United Community Financial Corp. (Nasdaq: UCFC), holding company of The Home Savings and Loan Company, announced today that Douglas M. McKay will retire at the end of 2010 from his positions of President and Chief Executive Officer at United Community and from the boards of United Community and Home Savings. Following his retirement, he will become a Director Emeritus of United Community.
McKay, 62, is a prominent community leader in the Mahoning Valley and the great-grandson of James M. McKay, who founded Home Savings on January 15, 1889. He has been Chairman of the Board and Chief Executive Officer of United Community since its inception in 1998 and its President from 1998 to 2007 and again since April 2009. He also has served as Chairman of the Board of Home Savings since 1995 and previously served as its President from 1996 to 2000. He joined Home Savings in 1971.
To facilitate an orderly transition process, director Richard J. Schiraldi has been named independent, non-executive Chairman of both the United Community and Home Savings boards, effective September 1, 2010. In addition, the United Community Board has selected Patrick W. Bevack to assume the responsibilities of President and Chief Executive Officer of United Community in addition to his current role as President and Chief Executive Officer of Home Savings. Upon receipt of all applicable regulatory approvals, his appointment will become effective following McKay’s retirement. Bevack will remain a member of the United Community and Home Savings boards.
“United Community, Home Savings and the customers and communities we serve have benefited greatly from Doug McKay’s tireless efforts to build a solid organization through strong relationships and outstanding service,” said Bevack. “We thank him for his many contributions throughout his career to the bank, boards and communities we serve, and we are especially pleased that he will be working with us over the next several months to ensure a smooth transition.”
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