Business news digest
REGION
Niles Expanded Metals,
Italian company team up
NILES — Niles Expanded Metals & Plastics said it has formed a partnership with Fratelli Mariani, a European manufacturer of micromesh and wire cloth in Milan, Italy. The local company will be the exclusive agent and distributor in North America for the Italian company’s products.
Fratelli Mariani is a privately held company with 78 years of experience in making expanded metal and wire cloth. It has 150 employees at two plants. It provides micromesh expanded metal in coil and sheet. The material also can be punched, stamped, welded and formed into a cylinder.
United Community
lost $3.8M in last quarter
YOUNGSTOWN — United Community Financial Corp. said Wednesday that it lost $3.8 million in the fourth quarter, compared with earnings of $5.7 million in the same quarter of 2006. The per-share loss last quarter was 13 cents compared with earnings of 19 cents in the year-earlier quarter.
The Youngstown-based company previously reported that it was going to record a provision for loan losses of $13.3 million for last quarter, compared with $1.3 million in the year-earlier quarter. The company said it experienced increased delinquencies, loan charge-offs and foreclosures, mostly in its construction loan portfolio.
Douglas McKay, company chairman and chief executive, said management has communicated with borrowers and tightened underwriting standards.
United Community is the holding company for Home Savings and Loan Co. and Butler Wick Corp.
Vindicator staff reports