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First Place Bank ordered to cease and desist

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WARREN, Ohio- A government agency orders a Warren based bank to stop paying dividends, or take on any more debt.

First Place Financial and First Place Bank says it has agreed to a cease and desist order from the Office of Thrift supervision.

The financial institution has an August 31st deadline to submit a plan that among other things reduces risk from the companies current debt and addresses cash flow needs.

First Place also agrees not to make any golden parachute payments or renew any compensation agreements with executives.

The bank must also submit a contingency plan in case the bank fails to meet demands outlined by the Office of Thrift supervision.