This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

United Community Financial Corp. And The Home Savings And Loan Company Announce The Termination Of Home Savings’ Consent Order

United Community Financial Corp. (“United Community”) (Nasdaq: UCFC), the holding company of The Home Savings and Loan Company (“Home Savings”), announced today that the Federal Deposit Insurance Corporation (the “FDIC”) and the Ohio Division of Financial Institutions (the “Ohio Division,” and together with the FDIC, “Home Savings’ Regulators”) have terminated Home Savings’ Consent Order, which was issued by Home Savings’ Regulators on March 30, 2012.

Patrick W. Bevack, President and CEO of United Community and Home Savings said, “We are very pleased that Home Savings’ Regulators have continued to acknowledge the progress and significant efforts we’ve made over the last several years and most importantly during 2012. We have worked, and continue to work, tirelessly to strengthen Home Savings and restore United Community back to profitability. By completing the bulk sale we announced in September 2012, we substantially improved asset quality and achieved a dramatic reduction in our risk profile.”

Bevack added: “The termination of the Consent Order means that Home Savings is now considered well capitalized and no longer in troubled condition, and we can once again take deposits from public institutions.”

As contemplated by United Community’s and Home Savings’ capital plans, which had been filed with regulators, United Community announced earlier this month that it had entered into securities purchase agreements with several accredited investors and subscription agreements with certain of United Community’s directors, officers, consultants and their affiliates to raise capital. The majority of any capital raised by United Community will be contributed to Home Savings, with the remainder to be used for general corporate purposes.

Bevack also added: “Over the last four years, we have established a very good working relationship with our Regulators. As a result, we will continue to work closely with our Regulators to ensure that we remain focused on resolving Home Savings’ remaining asset quality issues and that Home Savings maintains capital levels that are commensurate with its risk profile.”

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs