UCFC to raise $47 million


Staff report

youngstown

United Community Financial Corp., the parent company of the Home Savings and Loan Co., has announced that it intends to raise $47 million through a combination of private offerings.

The company will issue $39.9 million in securities to accredited investors through stock-purchase agreements, while issuing $2.1 million in common shares to the company’s directors, officers, consultants and affiliates.

UCFC also will offer $5 million to existing shareholders at the common- share price of $2.75.

Most of the capital raised will go toward Home Savings, which has undertaken aggressive steps in recent months to pay down its debts, meet the standards of regulators and begin growing its business again.

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