United Community Financial Corp. in Youngstown, Ohio, is setting the stage for a new leader.
The $2.3 billion-asset thrift company announced late Wednesday that Douglas M. McKay would retire at the end of 2010 from his posts as chairman, president and chief executive of the holding company and become director emeritus.
The 62-year-old McKay has held the chairman and chief executive posts since 1998. He is the great-grandson of the founder of Home Savings and Loan Co., the company's thrift unit.
Patrick W. Bevack, Home Savings' president and chief executive, is to assume the same roles at the parent company, and director Richard J. Schiraldi was named to be, from Sept. 1, the independent, nonexecutive chairman of both the United Community and Home Savings boards.
United Community has operated under a cease-and-desist order from the Office of Thrift Supervision since August 2008.
Sales of its trust business and its broker-dealer unit in late 2008 and early 2009 helped boost its capital ratios. At June 30, the thrift had a leverage ratio of 8.71% and a total risk-based capital ratio of 13.16%, both of which are above the levels called for in the OTS order.
Still, credit quality remained an issue; it reported that nonperforming assets made up an 8.52% share of total assets at June 30.
