UCFC Reinstates Share Repurchase Program
YOUNGSTOWN, Ohio -- United Community Financial Corp., holding company of The Home Savings and Loan Co., announced Monday that its board of directors has reinstated its share repurchase program.
The board authorized the repurchase of a maximum of 1,477,804 common shares. The original authorization in April 2007 approved the repurchase of up to two million shares. UCFC has 50.59 million shares outstanding.
In a prepared statement, Gary M. Small, president and CEO of UCFC and Home Savings, said, “As we implement our capital management strategies in an effort to maximize shareholder value and returns, we recognize the inherent value of the organization, which we believe is not reflected in the current market price of UCFC shares. Now that all regulatory orders and agreements have been terminated, we believe that reinstating the prior repurchase program allows us to take advantage of the favorable market price of UCFC shares and is in the best interests of the company and its shareholders.”
Shares of UCFC closed at $3.47 Monday, up 11 cents from Friday’s close,or 3.27%, on a volume of 218,560.
Published by The Business Journal, Youngstown, Ohio.
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