United Community Financial (UCFC) in Youngstown, Ohio, has reduced its classified assets nearly in half through a bulk sale.

The $1.9 billion-asset company said Monday that it sold assets valued at $114.8 million in a sale that it completed on Friday. United Community said it would record a $29.4 million loss associated with the sale, but the company defended the decision to pursue the deal because it met asset quality targets set forth in a consent order with regulators.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.