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Marty E. Adams Joins Boards of UCFC, Home Savings
YOUNGSTOWN, Ohio – Marty E. Adams, who took the helm of a small community bank, Citizens Bank in Salineville, and oversaw its growth into Sky Financial Corp. with $18 billion in assets, is the newest director of United Community Financial Corp. and its subsidiary, Home Savings and Loan Co.
UCFC announced Thursday that Adams, age 59, was elected to both boards Monday. He serves on the compliance and risk management committee of Home Savings and the capital committee of UCFC, according to the Form 8-K filed with the Securities and Exchange Commission by the holding company.
He succeeds Donald J. Varner, longtime director of Home Savings and who sat on the UCFC board since its inception in 1999.
Most recently Adams has headed his own bank consulting firm, Marty Adams Consulting LLC, which he founded after leaving Huntington Bancshares Inc., Columbus. He served as president and chief operating officer of Huntington (July to December 2007) after Huntington acquired Sky.
Since then he has served as interim CEO (March to September 2009) of PVF Capital Corp., holding company of Park View Federal Savings Bank, Solon, where he remains on its board. F.N.B. Corp., Hermitage, Pa., announced last month that it would acquire PVF Capital in an all-stock transaction and expects the agreement to be completed by the end of the third quarter.
In a prepared statement, the president and CEO of UCFC and Home Savings, Patrick W. Bevack, said, “Marty’s extensive experience in strategic planning and banking will be an asset to both Home Savings and United Community.
UCFC has availed itself of Adams’ consulting firm since 2011 in developing its plan to raise capital and satisfy regulators that it is adequately capitalized. “Having Marty as a consultant throughout this process and the experience he brings to the table has been extremely helpful in our capital raising efforts,” Bevack said. “We look forward to working together, especially as we develop strategies for both companies.”
In its Form 8-K to the SEC, UCFC reported that as part of its plan to raise $47 million in additional capital – still to be approved by shareholders – Adams has agreed to pay $375,001 to buy 136,364 shares at $2.75 a share.
As part of his compensation as director, Adams was awarded 4,000 options that allow him to buy that number of shares at $3.36 a share. Shares of UCFC closed at $3.36 Thursday, up 10 cents from Wednesday’s close, on a volume of 9,928.
Adams earned his baccalaureate in business administration and economics at West Liberty University, West Liberty, W. Va., and his MBA at the Franciscan University, Steubenville.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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