Home Savings sells troubled loans

Home Savings sells troubled loans

Youngstown

United Community Financial Corp. announced early this week that its subsidiary, the Home Savings and Loan Co., has completed the sale of $114.8 million in troubled loans to an undisclosed third party.

Though Home Savings is now absolved of the troubled assets, it will take a loss of $29.4 million after the sale, which will appear in its third-quarter report, expected sometime in the coming months.

Like other banks, Home Savings’ loan portfolio was troubled as early as 2008, and its return to profitability was followed closely by regulators.

The sale of the troubled assets was approved by the board of directors and hailed as a move forward for the company. After the sale, Home Savings’ total port- folio of troubled loans stands at $85 million.

Baird Brothers plans fall festival

CANFIELD

Baird Brothers Fine Hardwoods will host its Red, White & True fall festival Oct. 13, an event that includes demonstrations of do-it-yourself projects and family entertainment.

There also will be exhibits, mill tours, prizes, food and entertainment for kids.

Based in Canfield, Baird Brothers supplies molding, flooring, interior and exterior doors, stair parts and more in a variety of traditional and exotic hardwoods. For more information, go online to www.bairdbrothers.com, or call 800-732-1697.

The event will run from 9 a.m. to 5 p.m. at Baird Brothers’ plant and showroom at 7060 Crory Road.

Staff reports