United Community Financial Corp. (NASDAQ: UCFC), holding company of The Home Savings and Loan Company, announced that Patrick W. Bevack, President and Chief Executive Officer of United Community and Home Savings, plans to retire during 2014. Mr. Bevack intends to remain on the Board of Directors of both United Community and Home Savings for at least a year after his retirement, and the Board will retain Mr. Bevack as an advisor for two years.
Mr. Bevack, who joined Home Savings in June 2000, was appointed President and Chief Executive Officer of United Community on January 1, 2011. Additionally, Mr. Bevack has served as President and CEO of Home Savings since March 2009. Prior to that time, Mr. Bevack had served in numerous executive positions with Home Savings, including President and Chief Operating Officer, Executive Vice President, Chief Financial Officer and Treasurer and Senior Vice President of Mortgage Lending.
Bevack commented, “I am extremely proud of what we have accomplished since my appointment as President and CEO, and I am very thankful for the opportunity the Board gave me and for their tireless efforts during this time.” Bevack added, “I am also very appreciative of the senior management team and all the employees of Home Savings. Our accomplishments during what many consider the worst economic times since the Great Depression are a direct result of the quality and hard work of these individuals.”
The Board has engaged Chartwell Partners to begin a search for Mr. Bevack’s successor.
Richard J. Schiraldi, Chairman of the Board of United Community and Home Savings stated, “Pat has done a tremendous job at the helm of United Community and Home Savings, and he lead the management team through an extremely difficult period, both on an economic and regulatory level. Under Pat’s leadership, the regulatory orders were terminated, we dramatically improved our financial condition and risk profile, we successfully raised capital and, as a result, we are now well positioned to execute our business strategies so that we can prosper in the future.”