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Subsequent Events (Unaudited)
12 Months Ended
Dec. 31, 2012
Subsequent Events (Unaudited) [Abstract]  
SUBSEQUENT EVENTS

25. SUBSEQUENT EVENTS (UNAUDITED)

On January 11, 2013, United Community entered into securities purchase agreements with 28 accredited investors (the Investors), pursuant to which the Investors will, in a private offering, invest an aggregate of approximately $39.9 million in United Community for 6,574,272 newly issued common shares of United Community, at a purchase price of $2.75 per share, and 7,942 newly created and issued perpetual mandatorily convertible non-cumulative preferred shares of United Community, at a purchase price of $2,750 per share. Upon United Community shareholder approval, each of the preferred shares will automatically convert into 1,000 United Community common shares. However, there can be no assurance that United Community will receive such shareholder approval. The preferred shares will initially not pay any dividends, but if they are not converted into common shares prior to June 30, 2013, semi-annual non-cumulative cash dividends will take effect at an annual rate of 12.00%, payment of which is subject to regulatory approval. The preferred shares are redeemable by United Community at any time upon prior receipt of applicable regulatory approvals. There can be no assurance that such an offering will be completed or that the Company will succeed in this endeavor.

The closing of the private offering is subject to certain customary conditions including any bank regulatory approvals and confirmations for the transactions contemplated by the Purchase Agreements and absence of a material adverse change with respect to United Community or Home Savings. United Community has confirmed that no bank regulatory approvals are required. United Community presently expects the private offering to close on March 22, 2013. In the private offering, the Investors as a group are expected to purchase shares equal to approximately 29.0% of United Community’s outstanding common shares following the transactions (assuming the rights offering is fully subscribed), and upon United Community shareholder approval of the conversion of the preferred shares; however, none of these new investors will own more than 4.9% of United Community’s common shares outstanding.

Also on January 11, 2013, United Community entered into subscription agreements with certain of United Community’s directors, officers, consultants and their affiliates pursuant to which these insider investors will invest an aggregate of approximately $2.1 million in United Community for 755,820 newly issued common shares, at the same purchase price of $2.75 per share. The issuance and sale of common shares to the insider investors, pursuant to the subscription agreements, is subject to United Community shareholder approval. Subsequent to January 11, 2013, Marty E. Adams joined the United Community board. Accordingly, there are no consultants acquiring any shares.

The Company anticipates that following such capital raise, it will give existing shareholders an opportunity to purchase $5.0 million of United Community common shares at $2.75 through a rights offering.

On January 31, 2013, the Consent Order issued to Home Savings by the FDIC and the Ohio Division on March 30, 2012 was terminated. On January 31, 2013, Home Savings entered into a MOU with the FDIC and Ohio Division that requires Home Savings to submit certain plans and reports to the FDIC and the Ohio Division, to seek the FDIC’s and Ohio Division’s prior consent before issuing any dividends to United Community, and to maintain its Tier 1 Leverage Capital Ratio at 8.50% and its Total Risk Based Capital Ratio at 12.0%.