Banking & Finance

Home Savings Names COO, Renews CEO’s Contract

YOUNGSTOWN, Ohio – Home Savings has created the position of executive vice president and chief operating officer and hired a member of its parent company’s board of directors, Zahid Afzal, effective March 19.

A news release describes Afzal’s appointment as the attraction of “top talent” to Home Savings Bank. His responsibilities will include expanding “strategic and operating capabilities to align with [the bank’s] aggressive growth and expansion plans.”

Afzal was appointed in 2013 to the board of United Community Financial Corp. and will remain on the board. Most recently he was executive vice president, chief technology and operations executive at Capital Bank in Raleigh, N.C. Before joining Capital, he was senior executive vice president and chief information officer at Huntington National Bank and senior vice president, consumer and small business banking chief information officer with Bank of America. He has also held executive positions with Citigroup and MCI Communications.

“Zahid brings a wonderful combination of vision and experience to the organization,” said Gary M. Small, president and CEO of UCFC and Home Savings. “He comes with a unique understanding of the Home Savings organization and its potential as a result of the very productive past four years he has served on the board of directors. Many on our executive team have a working relationship with Zahid that spans over a dozen years, making him a great fit for the organization and an outstanding addition to a strong leadership team.”

Directors of UCFC and Home Savings approved the appointment Feb. 20. Afzal will be paid a base salary of $285,000 and on April 5 will be awarded $250,000 in restricted UCFC shares, according to documents filed with the U.S. Securities and Exchange Commission.

On Feb. 20 directors also entered into a new three-year employment agreement with Small that automatically renews for another 36 months. Small will be paid $465,000 with annual increases at the discretion of the board.

And Home Savings announced this week the appointment of Matthew T. Garrity to its board of directors. Garrity joined Home Savings in 2009 as senior vice president and chief credit officer. In 2013 he was promoted to executive vice president with responsibility for commercial banking, residential mortgage and credit administration.

Home Savings has assets of $2.6 billion and operates 35 banking offices, 13 loan production offices and three wealth offices across Ohio, western Pennsylvania and West Virginia.

Published by The Business Journal, Youngstown, Ohio.