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Fri 1:05 pm: First Place sale approved

December 14, 2012
Tribune Chronicle , Tribune Chronicle | TribToday.com

WARREN - A federal bankruptcy court judge this morning approved the sale of Warren-based First Place Bank to Michigan-based Talmer Bancorp.

Talmer Chief Financial Officer Dennis Klaeser said this morning he believes there is little likelihood the transfer would not clear the next hurdle and receive federal regulatory approval. He expects that to occur by the end of the year.

The sale was approved in U.S. Bankruptcy Court in Delaware after Talmer emerged as the only qualified bidder for the bank, which is the main asset of First Place Financial Corp.

Talmer bid $45 million and said it would infuse more than $200 million in capital to move the company forward out of bankruptcy.

Going forward, Talmer officials say they will maintain the First Place Bank name and retain most or all local employees.

 
 

 

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