LAWRENCEBURG, Ind.,
April 25, 2014 /PRNewswire/
-- United Community Bancorp (the "Company") (Nasdaq: UCBA),
the holding company for United Community Bank (the "Bank"),
announced today that William F.
Ritzmann, Chief Executive Officer and President of the
Company and the Bank has announced his retirement, effective
June 30, 2014.
The Board of Directors also announced the appointment of Elmer
("E.G.") McLaughlin as Chief Executive Officer and President of the
Company and the Bank, effective July 1,
2014. Mr. McLaughlin has served as Executive Vice President
and Chief Operating Officer of United Community Bancorp since its
formation in 2006, and of the Bank since it was formed in
April 1999 as result of the merger
between Perpetual Federal Savings and Loan Association and
Progressive Federal Savings Bank. Before the merger, Mr.
McLaughlin served for nine years as President, and 19 years as a
director, of Perpetual Federal. Prior to his appointment as
President of Perpetual Federal, Mr. McLaughlin served as Executive
Vice President and Head of Operations, and as a senior loan
officer, of Perpetual Federal from 1978 until 1990. He has served
as an officer and on the boards of directors of numerous community
service organizations in the Lawrenceburg, Indiana area, and was born and
raised in Lawrenceburg where he
resides. Mr. McLaughlin is a graduate of the University of Notre Dame and received a Masters
Degree in Economics from Indiana
University.
Commenting on Mr. Ritzmann's retirement, Ralph Sprecher, Chairman of the Board of
Directors, stated, "The Board of Directors could not be more
grateful to Bill Ritzmann for his
contributions to United Community Bank, United Community Bancorp
and the communities and constituents that we serve. Our institution
has benefitted from his leadership, character and vision since he
first joined Progressive Federal Savings Bank's board in 1975.
Together with E.G. McLaughlin, Bill
has successfully guided the Bank and the Company through the
extraordinary cycles that the financial services industry has
endured during his tenure. While we wish Bill the best as he
transitions his management responsibilities to E.G., we are
delighted that we will continue to benefit from Bill's presence on
the Company's and the Bank's Boards of Directors. We are also
uniquely fortunate to be able to appoint E.G. McLaughlin as our new CEO and President.
E.G. epitomizes the skill and experience of our management team and
has worked closely with Bill to strengthen and position the Company
for future success. He is a recognized business and community
leader throughout Lawrenceburg and
its surrounding communities. We expect this management
transition to be seamless."
"It has truly been a privilege to be a part of the United
Community family for so many years," said Mr. Ritzmann. "United
Community represents the best of what community banking seeks to
achieve. I am very pleased that E.G.
McLaughlin will be my successor, and sincerely echo the
Board's sentiments regarding E.G."
"I am honored to be appointed as the new President and CEO of
the institution that represents such a significant part of my
personal and professional life," stated Mr. McLaughlin. "Having
worked with Bill Ritzmann and the
rest of the United Community management team and the Board for so
many years, I am very confident that we are well positioned to help
United Community continue to serve the best interests of its
shareholders, customers and communities. I will work diligently to
ensure the Bank's and Company's continued success and honor the
legacy of Bill's stewardship."
United Community Bancorp is the holding company of United
Community Bank, headquartered in Lawrenceburg, Indiana. The Bank
currently operates eight offices in Dearborn County and Ripley County, Indiana.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of the Company's management and are subject to
significant risks and uncertainties. Actual results may differ from
those set forth in the forward-looking statements. Factors that
could cause the Company's actual results to differ materially from
those described in the forward-looking statements can be found in
the Company's Annual Report on Form 10-K for the year ended
June 30, 2013 and subsequent
quarterly reports on Form 10-Q, which have been filed with the
Securities and Exchange Commission and are available on the
Securities and Exchange Commission's website (www.sec.gov). The
Company does not undertake to update the forward-looking statements
to reflect the impact of circumstances or events that may arise
after the date of the forward-looking statements.
SOURCE United Community Bancorp