Home Savings holding company is now debt free

YOUNGSTOWN — The holding company for Home Savings and Loan is now debt free, resolving a major concern of federal regulators.

“It’s an enormous corporate achievement. We’re proud of that,” said James Reske, chief financial officer of Home Savings and the holding company, United Community Financial Corp.

The last payment of $5.1 million on United Community’s debt came after it completed the sale of Butler Wick Trust Co. to Farmers National Banc Corp. of Canfield.

The sale was completed Tuesday and included the $12.1 million purchase price and a $428,000 dividend to cover the trust company’s earnings since Nov. 30. That was the date used to establish the value of the trust company.

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