First Place Bank to remain a thrift

WARREN — First Place Bank uses the word bank in its name, but its top officials don’t think it needs to be one.

The institution is doing quite well operating with the charter of a thrift, or savings and loan, said Steve Lewis, president of First Place Financial Corp.

The Warren-based holding company operates First Place Bank and other companies in real estate, insurance and title work. It is the result of a merger of companies that used to be known as First Federal Savings Bank of Youngstown and First Federal Savings and Loan of Warren.

Lewis told industry analysts in a conference call today that he has looked at converting to a commercial bank charter but doesn’t see a good reason to go through the work that would be required. Thrifts and commercial banks operate under different sets of rules that are overseen by federal agencies.

For the full story, see Thursday's Vindicator or Vindy.com.