Shareholder Rights at UCFC Fully Subscribed
YOUNGSTOWN, Ohio -- United Community Financial Corp., holding company of the Home Savings and Loan Co., announced Wednesday that it has completed its $5 million shareholder rights offering and has begun issuing 1,818,181 commons shares at $2.75 each to shareholders.
Shares of UCFC have traded in the range of $4 since the rights were announced last January and closed Wednesday at $4.11, up 14 cents from Tuesday’s close.
In a prepared statement, the president and CEO of UCFC, Patrick W. Bevack, commented, “The rights offering was the final step in the execution of our current [$47 million] capital raise, and now we can now focus our efforts on executing our business plan.”
UCFC says it will use the proceeds from the capital raised “for general corporate purposes.”
One aspect of the business plan is executing “a restructuring that will allow management to more efficiently develop and implement its strategic goals.”
One result of that restructuring, UCFC said, is the departure of Gregory G. Krontiris, senior vice president and chief lending officer, who decided Monday to leave this Friday “to pursue other opportunities. … The company wishes him much success in his future endeavors.”
Home Savings promoted Matthew T. Garrity and Jude J. Nohra, both to executive vice president.
Garrity will be responsible for credit administration, special assets commercial lending and real estate and facilities. He joined Home Savings in June 2009 as senior vice president and chief credit officer.
Nohra is executive president for corporate governance and its secretary. He remains general counsel and secretary of UCFC and general counsel of Home Savings. He will assume responsibility for oversight of risk management in additional to his legal and compliance responsibilities.
Published by The Business Journal, Youngstown, Ohio.
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