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United Community Financial (UCFC) in Youngstown, Ohio, has been freed from a cease-and-desist order.
July 10 -
United Community Financial in Youngstown, Ohio, has raised $5 million of capital and announced plans to reshuffle the executive team at its bank.
June 12 -
The $1.8 billion-asset company said late Thursday that Patrick Bevack, who is 67, will retire as president and CEO next year.
August 8
United Community Financial (UCFC) in Youngstown, Ohio, blamed its second-quarter loss on an accounting matter.
The bank reported a loss of $2.5 million, compared with a profit a year earlier of $62,000. It took a $5.9 million charge to cover the amortization of preferred shares connected to its
Excluding the one-time item, United Community would have reported a profit of $3.4 million, it said in a press release Friday.
The $1.8 billion-asset company also said that net interest income fell to $12.6 million, compared with $16.4 million a year earlier. Its net interest margin shrunk to 2.93%, from 3.55%.
United Community nearly halved its loan-loss provisions in the second quarter, reducing them to $1.1 million. It forecast fewer loan losses in the third quarter.
Chargeoffs tumbled to $3.9 million from $9.9 million, reflecting United Community's improved asset quality.
United Community's expenses dropped 15%, to $14.4 million. It paid $7.7 million for salaries and employee benefits compared with $8.7 million a year earlier, and spent $293,000 on foreclosed properties and related items compared with $419,000.
Noninterest income was $6.4 million, down from $6.9 million as mortgage banking income fell.
United Community was
