Regulators order changes at Home Savings and Loan

YOUNGSTOWN — Federal and state regulators have ordered Home Savings and Loan and its holding company, United Community Financial Corp., to make changes to certain business practices.

Areas the organizations had to change as a result of a routine audit from January included debt reduction, the payment of dividends and overall risk management.

Doug McKay, UCFC chairman and chief executive, said that Home Savings customers can remain assured that their deposits are safe.

“We’re going to comply with this order, and this [issue] will eventually go away,” McKay said. “There is no other story behind this that will be reported next week; this is the full story.”

McKay declined to comment on the bank’s specific plans to comply with the order.

For more on this story information, see Thursday’s Vindicator or www.vindy.com.