United Community Financial (UCFC) in Youngstown, Ohio, is looking to raise $5 million through a rights offering.

The $1.8 billion-asset company said Monday that all holders of its common stock as will be given the right to buy 5.5% of a common share for each share they own as of March 21. 

United Community will announce the final terms of the offering after a review by the Securities Exchange Commission, the company said. United Community's stock closed at $3.65 on Monday.

The company launched a $42 million private offering in January, and sold loans worth $115 million last September. Last month the Federal Deposit Insurance Corp. lifted a March 2012 consent order with Home Savings, the company's bank.

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