WARREN - Despite the expected sale of its parent company, branch banking operations are not expected to change.
"First Place Bank, which operates separately from the holding company, is not part of the Chapter 11 process," according to Samuel A. Roth, chairman of First Place Financial Corp. "We will continue to process loan applications, fund commitments and conduct all other banking operations as we do every day."
Also, all deposits will remain FDIC-insured, the release states.
First Place Financial Corp. announced today that it has reached an agreement to sell all of the common stock of its subsidiary, First Place Bank, to Talmer Bancorp, Inc., a bank holding company based in Troy, Mich. for $45 million.
The sale will be implemented through Chapter 11 of the U.S. Bankruptcy Code.
First Place Financial Corp. is a a Warren-based financial services holding company with two wholly-owned subsidiaries: First Place Bank and First Place Holdings, Inc. Through First Place Bank, the company operates 41 retail locations, 2 business financial service centers and 20 loan production offices.