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Stock Market & Financial Investment News

News Breaks
January 15, 2013
16:26 EDTUCFCUnited Cos Financial announces $42M private offering; $5M rights offering
United Community Financial Corp. (UCFC), holding company of The Home Savings and Loan Company, announced that it intends to raise approximately $47M in capital through a private offering and a rights offering. The company has entered into Stock Purchase Agreements to issue approximately $39.9M in securities through a private offering to accredited investors, and also has entered into Subscription Agreements to issue approximately $2.1M in common shares to the company's directors, officers, consultants and affiliates. Promptly following the closing of the private offering, the company will commence a rights offering of approximately $5M to existing shareholders at the same common share purchase price of $2.75 as paid by the investors in the private offerings. The shares that the non-affiliated investors as a group are purchasing in the private offering will represent approximately 29.0% of the company's outstanding shares following the offerings (assuming the rights offering is fully subscribed); however, none of these new investors will own more than 4.9% of the company as a result of the private offering. Patrick W. Bevack, President and CEO of United Community and Home Savings, commented, "This capital raise is the final step in the execution of our current Capital Plan, and it provides UCFC and Home Savings with the capital we need to grow our company and its businesses."
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