Consent order terminated for bank
United Community Financial Corp., the holding company of The Home Savings and Loan Co., has announced that regulators have terminated the consent order placed on the bank in March 2012.
The consent order gave regulators with Federal Deposit Insurance Corp. and the Ohio Division of Financial Institutions close oversight over the bank’s operations and capital levels.
In recent months, the bank has undertaken an aggressive strategy to comply with regulators’ demands after a series of bad loans forced them to impose the order last year.
United Community announced this month that it had entered into securities purchase agreements with several accredited investors to raise capital. The majority of any capital raised by United Community will be contributed to Home Savings, with the remainder to be used for general corporate purposes.
FDA warns of new fake batch of Avastin
The Food and Drug Administration is warning U.S. doctors about another counterfeit version of the cancer drug Avastin, the third case involving the best-selling Roche drug in the past year.
The FDA said in an online post Tuesday that at least one batch of the drug distributed by a New York company does not contain the active ingredient in real Avastin, which is used to treat cancers of the colon, lung, kidney and brain. The drug was distributed by Medical Device King, which also does business as Pharmalogical. The vials are packaged as Altuzan, the Turkish version of Avastin that is not approved for use in the U.S.
The agency is asking doctors to stop using any products from Medical Device King, Pharmalogical or Taranis Medical.
United cuts 787 from Feb. schedule
United Airlines is taking the troubled Boeing 787 out of its flying plans for the rest of this month.
The airline says it has replaced its six 787s with other planes through the end of February. The 787s were grounded by the government last month.
The National Trans- portation Safety Board says it is weeks away from knowing what caused a 787 battery to catch fire Jan. 7.
Oil recoups losses
A government report showing a smaller-than-expected increase in U.S. crude supplies led to a turnaround in the price of oil Wednesday. Meanwhile, U.S. drivers continue to pay more at the pump. The average price for a gallon of gas in California is now within a nickel of $4.
Benchmark crude for March delivery fell 2 cents to end at $96.62 a barrel on the New York Mercantile Exchange. It dropped as low as $95.04 in the morning.
Gasoline is getting more expensive by the day. The nationwide average price for a gallon of gas rose for the 20th-straight day to $3.55.
Vindicator staff/wire reports
Selected local stocks
Aqua America, .70, 27.90 .46
Clear Channel, .33 31.87 —.29
Cortland Bancorp, 10.00.00
Farmers Nat., .126.89 .14
First Energy, 2.20, 39.94.37
FirstMerit Corp., .64,15.12 —.07
First Niles Financial, .32,7.10.00
First Place Fin., .0062.00
FNB Corp., .48,11.83.06
General Electric, .76,22.44—.10
Motors Liquidation, .0422.00
Huntington Bank, .16, 7.11—.01
JP Morgan Chase, 1.20,48.61—.18
Key Corp, .20,9.53.04
LaFarge, 15.02 .08
Macy’s, .80, 39.48—.37
Parker Hannifin, 1.64, 93.45—.07
RTI Intl. Metals,30.761.90
Simon Prop. Grp.,4.40,161.70—.06
Stoneridge 6.14 —.01
United Community Fin. 3.20.02
Selected prices at 4 p.m. Wednesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.