Region news digest: Home Savings parent adds to bad-loan fund

REGION

Home Savings parent adds to bad-loan fund

YOUNGSTOWN — The parent company of Home Savings and Loan Co. is setting aside an additional $3.3 million to cover bad loans. United Community Financial Corp. said the increase followed a report by the company to Federal Deposit Insurance Corp. and the Ohio Division of Financial Institutions.

UCFC previously reported a net loss of $3.8 million, or 13 cents a share, for the quarter ended Dec. 31. With the additional reserves, the loss increased to $7.1 million, or 25 cents a share. UCFC said in January the increased loan losses were primarily tied to its construction loan portfolio. Home builders took loans to build homes or developments but weren’t able to find buyers, it said.

Mountaineer to stay open despite strike

CHESTER, W.VA. — Mountaineer Casino Racetrack Resort said that a planned strike for Saturday morning will not shut down operations.

“All aspects of Mountaineer will remain open and operational,” said Ted Arneault, company president.

Mountaineer said 9 percent of its employees are part of United Food and Commercial Workers Local 23, which is threatening the strike. Members are cashiers, slot technicians and count room employees.

From Vindicator staff reports