REGION

REGION

UCFC bank acquisition
put off until 2008

YOUNGSTOWN — United Community Financial Corp.’s acquisition of a Solon-based bank holding company has been put on hold.

The U.S. Office of Thrift Supervision said it has suspended the processing of the acquisition until the annual financial examination of UCFC’s subsidiary, Home Savings and Loan Co., is completed. UCFC said this is a routine examination.

It said the acquisition of PVF Capital is not expected to be completed before the end of the first quarter 2008. The merger had been expected to be completed this year. PVF is the parent company of Park View Federal Savings Bank, which has 17 branches in the Cleveland area. The $131 million acquisition was announced in July.

Aqua Ohio’s increase
in rate opposed

COLUMBUS — The Office of Consumers Counsel has come out against a rate case filed by Aqua Ohio for water used in communities in Ashtabula, Lake, Summit and Williams counties.

The consumers counsel, which represents residents in rate cases, told the Public Utilities Commission of Ohio that the company’s request for an average rate increase of 26.6 percent is excessive. It asks for an average rate increase of no more than 8.3 percent.

Lou Kreider, Aqua Ohio division manager, said the rate increase is needed to pay for capital improvements, such as new water lines, water plant and water storage tank.

Aqua Ohio is based in Boardman, but its customers in the Mahoning Valley are not affected by this case.

From Vindicator staff reports