WARREN - First Place Financial Corp. has filed for bankruptcy protection and been sold.
According to a filing with the Securities and Exchange Commission, Talmer Bancorp, Inc., has agreed to buy the assets of the parent of First Place for $45 million.
Talmer, based out of Michigan agreed to purchase all of the issued and outstanding shares of common stock of the company's wholly-owned subsidiary, First Place Bank and certain other assets, the filing states.
Also, Talmer has agreed to recapitalize the bank through the immediate contribution of additional capital which is not expected to exceed $205 million.
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