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United Community sees higher compliance costs on orders

Wed Aug 13, 2008 12:17pm EDT

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(Reuters) - Bank holding company United Community Financial Corp (UCFC.O) said it expects earnings will be hurt in the short term due to higher compliance costs associated with orders issued by federal and state regulatory agencies.

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But the company said the costs are expected to eventually be offset by lower loan loss provisions.

United Community said it agreed to a debt reduction plan, seek regulatory approval before paying dividends, reduce lending concentrations and enhance overall risk management programs.

The holding company of Home Savings & Loan Co and Butler Wick Corp said in a statement that the orders followed routine regulatory exams at both in January.

Shares of the company closed at $5.86 Tuesday on Nasdaq.

(Reporting by Supantha Mukherjee in Bangalore; Editing by Bernard Orr)
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