United Community Bancorp Announces Retirement of William F. Ritzmann
Elmer G. McLaughlin Appointed as New Chief Executive Officer and President
LAWRENCEBURG, Ind., April 25, 2014
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
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
"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
Contact: William F. Ritzmann, President and Chief Executive Officer, United
Community Bancorp, (812) 537-4822
Press spacebar to pause and continue. Press esc to stop.