First Place Financial Corp. files for Chapter 11 bankruptcy
WARREN, Ohio - First Place Financial Corporation has filed for Chapter 11 bankruptcy.
According to a press release, the company has sold its subsidiary, First Place Bank, to Michigan-based bank holding company Talmer Bankcorp, Inc. for $45 million.
In the release, the company stated that , "First Place Bank has faced significant issues for a number of years, and today's agreement with Talmer will enable us to meet the capital requirements set out by our regulator in July 2011."
The company stressed that daily operations for the bank will remain the same, and that the subsidiary is not included in the bankruptcy filing.
"We will continue to process loan applications, fund commitments and conduct all other banking operations as we do every day. In addition, customers will have full access to their accounts, as all customer deposits remain FDIC insured," the release said.
The financial company operates 41 retail locations, two business financial service centers and 20 loan production offices.
