United Community Financial Corp., Holding Company for The Home Savings and Loan Co., Completes Initial Stock Offering

Business Wire, July 6, 1998

YOUNGSTOWN, Ohio--(BUSINESS WIRE)--July 6, 1998--Douglas M. McKay, president and chief executive officer of The Home Savings and Loan Co., Youngstown, Monday announced that United Community Financial Corp., the holding company for The Home Savings and Loan Co., has completed its initial common stock offering.

In connection with the stock offering, United Community Financial sold a total of 33,465,625 shares at $10 per share. It is anticipated that the common stock of United Community Financial will begin trading on the Nasdaq National Market System on July 9, 1998, under the symbol "UCFC."

Trident Securities Inc., McDonald & Company Securities Inc. and CIBC Oppenheimer Corp. will be market makers in the stock.

The net proceeds contributed to The Home Savings and Loan Co. upon conversion will substantially increase its capital. The Home Savings and Loan Co. will use the funds contributed to it for general corporate purposes, including, initially, local lending and investment in short-term U.S. Government and agency obligations.

On June 23, 1998, The Home Savings and Loan Co.'s plan of conversion was approved by The Home Savings and Loan Co.'s depositor and borrower members at a special meeting that was held at the Boardman office of the institution.

McKay stated: "The officers and board of directors of The Home Savings and Loan Co. express their thanks for the response by customers and the community to the stock offering. The Home Savings and Loan Co. looks forward to continuing to serve the needs of its customers as a stock institution."

    CONTACT:  The Home Savings and Loan Co., Youngstown
               Susan Eckenrode-Loney, 330/742-0500