Home Savings parent gains financial ground
YOUNGSTOWN – Federal regulators this week removed financial restrictions on the holding company for Home Savings and Loan Company that had been in place since 2008.
The Federal Reserve Bank of Cleveland on Tuesday terminated a “cease and desist order” on United Community Financial Corp. indicating a reduction in the company’s risk profile, achieved largely by the September bulk sale of troubled assets and a $47 million capital raise completed in June.
“We are very pleased that the Federal Reserve has acknowledged the progress we’ve made in restoring the company to financial stability,” said company president and CEO Patrick W. Bevack.
United Community continues to operate under the understanding it will not pay dividends, repurchase shares or take on debt without the Federal Reserve’s prior approval.