WARREN Growth list picks First Place Financial

THE VINDICATOR, YOUNGSTOWN, OHIO
WARREN -- The parent company of First Place Bank has been named one of the fastest-growing small companies in the country.
First Place Financial Corp. appears on the Fortune Small Business 100. The list is available in Fortune magazine's current issue and online at www.fortune.com.
The Warren-based banking company, which also offers insurance, title and real estate services, ranked 79th. It is the company's first appearance on the third-annual list, which includes companies with annual revenues under $200 million.
Steven Lewis, company president and chief executive, said the company's growth comes from an expansion beyond banking and from entering new markets. First Place is opening branches and loan offices throughout the state.
Rankings
The magazine ranked companies in three categories. First Place ranked 29th in revenue growth with a three-year annual rate of 30.6 percent.
It ranked 87th in growth in earnings per share with a three-year annual rate of 23.5 percent.
It ranked 115th in total return. Its stock price has had a three-year annual growth rate of 18.5 percent. The magazine used a price of 16.30 on May 16 for its rankings, but the stock since has risen to $18.43.
First Place had profits of $14 million on revenues of $101 million last year, Fortune said.
More than one third of the companies on the list are banks. Low interest rates have spurred a large number of mortgage and home equity loans, the magazine said.