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UPDATE 1-United Community reported Q4 loss widens

Wed Mar 26, 2008 5:55pm EDT

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(Recasts; adds details)

March 26 (Reuters) - Bank holding company United Community Financial Corp (UCFC.O) said its reported fourth-quarter loss nearly doubled, after it raised the loan-loss reserve following a report on its asset quality from a top U.S. banking regulator.

The company said the net loss now stands at $7.1 million, or 25 cents a share, compared with $3.8 million, or 13 cents a share, reported previously.

United Community said it recorded an additional loan loss reserve of about $3.3 million as of Dec. 31, 2007.

The examination process, conducted by the Federal Deposit Insurance Corp and the Ohio Division of Financial Institutions, is yet to be completed and a final report on the quality of assets has not been presented, the company said in a statement. (Reporting by Ratul Ray Chaudhuri in Bangalore; Editing by Anil D'Silva)



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