First Place Financial Files Ch. 11 To Aid $45M Bank Sale

Law360, Wilmington (October 29, 2012, 2:03 PM EDT) -- The holding company for Ohio-based First Place Bank slipped into bankruptcy in Delaware on Sunday with a deal in hand to appease wary regulators by selling the bank to Talmer Bancorp Inc. for $45 million.

First Place Financial Corp., headquartered in Warren, Ohio, listed $175.3 million in assets against $64.5 million of debt in its bankruptcy petition.

Since 2010, the bank has been in the crosshairs of the Office of Thrift Supervision, its primary regulator, for “unsafe or unsound banking practices” that left it holding a...
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