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Reske Resigns as CFO of UCFC to Join W. Pa. Bank
YOUNGSTOWN, Ohio -- James R. Reske, chief financial officer and treasurer of United Community Financial Corp. and executive vice president of Home Savings and Loan Co., is resigning April 25 to become executive vice president and CFO of First Commonwealth Financial Corp., and its largest subsidiary, First Commonwealth Bank.
First Commonwealth, based in Indiana, Pa., issued a press release Thursday announcing that Reske will join the bank holding company with $6.2 billion in assets while UCFC filed a Form 8-K with the Securities and Exchange Commission to report Reske’s resignation and that Timothy W. Esson, senior vice president, CFO and treasurer of Home Savings since March 2011, will act as interim CFO of the holding company.
Esson joined Home Savings in May 2003 as vice president of finance.
Esson, age 64, will assume Reske’s responsibilities “while UCFC conducts a search for Mr. Reske’s successor,” UCFC said in its filing, which also reported Esson has been named principal accounting officer. “Mr. Esson’s appointment will be effective following the close of business April 25,” UCFC said.
Reske joined UCFC after federal and state regulators issued cease-and-desist orders in August 2008 to help in its recovery. Along with retired CEO Patrick W. Bevack, chief credit officer Matthew T. Garrity, and others, Reske played a leading role in restoring financial health to Home Savings and UCFC.
“That was the most rewarding experience in my career,” Reske said yesterday, and praised the team he’s worked with in the recovery of UCFC.
Reske, 50, earned his law degree at the Georgetown University Law Center, Washington, D.C., where he went on to work for the Federal Reserve System and later the Federal Reserve Bank of Boston. He has been employed by investment banks and worked on mergers and acquisitions at major law firms that guide companies seeking to merge with or acquire other companies.
In resigning from UCFC, Reske leaves a financial with an institution with $1.7 billion in assets for another with $6.2 billion in assets. First Commonwealth Bank has 110 offices in 15 counties in central and western Pennsylvania.
The president and CEO of First Commonwealth, to whom Reske will report directly, T. Michael Price, said, “The depth of diversity of Jim’s financial, legal and investment banking experience will provide a critical strategic perspective as we grow our organization and achieve best-in-class performance.”
At Commonwealth Financial and First Commonwealth Bank, Reske “will assume responsibility for all financial functions of the organization, including oversight of the company’s accounting policies, regulatory and tax reporting, budgeting and forecasting, treasury management and investor relations activities,” the press release said.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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