United Community Financial Corp. (NASDAQ: UCFC), holding company of The Home Savings and Loan Company of Youngstown, Ohio, announced that Patrick W. Bevack, President and Chief Executive Officer of United Community and Home Savings, will retire on March 31, 2014. Mr. Bevack will remain on the Board of Directors of both United Community and Home Savings, and the Board has retained 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 our management team and all that we have accomplished since my appointment as President and CEO, and I am very grateful for the confidence the Board showed in me and their unending support during the last five years.” Bevack added, “While I am retiring, I am excited to begin my new role as an outside director and advisor to the Board and Gary. I believe it’s an excellent transition plan, and it will allow me to stay involved with the Board and our employees, all of whom mean a great deal to me. The Board’s selection of Gary gives me great confidence in our future, and I believe our team will accomplish our strategic goals.”
Richard J. Schiraldi, Chairman of the Board of United Community and Home Savings, commented, “Under Pat’s leadership, all regulatory orders and agreements have been terminated, we dramatically improved our financial condition and risk profile, we successfully raised capital, we returned Home Savings to profitability and we are once again considered well capitalized by our regulators. Pat achieved all that the Board asked of him, and we are grateful to his leadership, dedication and tremendous effort, and we appreciate his willingness to stay on the Board and serve as an advisor to our team.”