United Community Financial (UCFC) in Youngstown, Ohio, has added an advisor to the company to its board.
The $1.8 billion company said Thursday it has Marty Adams had become a director. Adams, who was president and chief operating officer of Huntington Bancshares (HBAN) for roughly six months in 2007 after the company's purchase of Sky Financial, runs a consulting firm and is a director of Park View Federal Savings in Solon, Ohio.
The appointment expands United Community's board to nine members. Adams' "extensive experience in strategic planning and banking will be an asset to both Home Savings and United Community," Patrick Bevack, United Community's chief executive, said in a press release.
Bevack also said that Adams had advised United Community on efforts to raise capital and improve its balance sheet. The Federal Deposit Insurance Corp. and Ohio's Division of Financial Institutions ordered United Community last March to boost its Tier 1 leverage ratio to 9% and its total risk-based capital ratio to 12% by June 30, while taking steps to lower its share of troubled loans.
As of Dec. 31, United Community had a Tier 1 leverage ratio of 8.6% and a total risk-based capital ratio of 16.2%, according to the FDIC, which in January replaced the order with a memorandum that requires the company to maintain regulatory capital at those levels.
United Community recently completed a $47 million capital raise with 28 investors, including Adams, who invested roughly $375,000, according to the company's latest filing with the Securities and Exchange Commission.
