The Federal Reserve Bank of Cleveland has freed United Community Financial (UCFC) from a six-month-old enforcement action.
United Community is the holding company of the $1.75 billion-asset Home Savings and Loan in Youngstown, Ohio. The termination of its memorandum of understanding with the Cleveland Fed, which had been issued in July, means that United Community has cleared the last of a series of recent regulatory hurdles.
"We are proud of what we have accomplished," United Community Chief Executive Patrick Bevack said in a press release Tuesday. "Our capital position is strong, and we are focused on executing our strategic plans and improving the profitability of United Community and Home Savings."
In early December, United Community was released from an MOU with the Federal Deposit Insurance Corp. and state regulators. The company and its thrifts were released from two other enforcement actions earlier in 2013.
United Community reported earnings of $1.7 million in the third quarter. In August it announced that Bevack planned to retire as president and CEO this year. A successor has yet to be named.
Its Home Savings unit operates 33 full-service banking offices and ten loan production offices throughout Ohio and western Pennsylvania.