United Community Financial (UCFC) in Youngstown, Ohio, has raised $5 million of capital and announced plans to reshuffle the executive team at its bank.
The $1.8 billion-asset company said Wednesday that its $5 million rights offering was fully subscribed and it is issuing 1.8 million shares of common stock to complete the transaction. Current shareholders were given a chance to increase their stake in the company.
United Community will use the proceeds for general corporate purposes, it said.
It also raised $40 million in a private sale in March.
Separately, Gregory Krontiris, the chief lending officer of Home Savings Bank, is stepping down to pursue other opportunities. He joined the United Community subsidiary as chief lending officer in 2009, and he will leave June 14.
Home Savings also announced two promotions. Matthew Garrity was named executive vice president for credit administration, commercial lending and real estate. Jude Nohra was named executive vice president of corporate governance and secretary; he will oversee risk management and compliance.