Sale Of First Place Bank Cleared For December Auction

Law360, Wilmington (November 26, 2012, 9:27 PM EST) -- A Delaware bankruptcy judge on Monday approved amended sale procedures for the parent of First Place Bank, including an improved stalking horse bid, overruling the U.S. Department of the Treasury's objection that a mid-December auction leaves little time for rival bidders to emerge.

The amended stalking horse agreement will increase Talmer Bancorp Inc.'s $45 million offer to purchase the bank from holding company First Place Financial Corp. by as much as $15 million and foster competing bids reducing protection provisions granted to the stalking horse, debtor's...
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