REGION

REGION

Gas prices rise 15 cents

INDEPENDENCE — The average price of a gallon of regular, unleaded, self-serve gasoline increased 15 cents this week to $2.821 at the pump.

According to the East Central AAA Fuel Gauge, the ongoing drop in the nationwide average price of self-serve regular gasoline was “blown off course” this week by Hurricane Dean. Early concern that the storm might head for oil and refining installations off the U.S. Gulf Coast were replaced by fears that the hurricane might cripple offshore oil platforms owned by Mexico’s state-owned energy company, Pemex, which are heavily concentrated in the Bay of Campeche north of the Yucatan Peninsula. Mexico accounts for about 15 percent of U.S. oil supplies and is the second-largest foreign supplier to this country behind Canada.

The average prices of unleaded self-serve gasoline in various areas were: Ashtabula, $2.793; Cleveland, $2.849; Ravenna, $2.833; and Niles, $2.654.

Bank buying back shares

WARREN — The board of directors of First Place Financial Corp. has authorized the purchase of an additional 500,000 shares today under its share repurchase program. On March 20, the directors authorized the company to buy back up to 800,000 shares of First Place’s common stock over the next 12 months in open market or in privately negotiated transactions. The directors’ most recent action authorizes a total of 1.3 million shares be repurchased through the year ending March 20, 2008.

First Place Financial Corp. is a $3.2 billion financial services holding company based in Warren, which operates 41 retail locations, two business financial service centers, and 18 loan production offices through First Place Bank and the Franklin Bank divisions of First Place Bank.

Toll Bros. profit down

PITTSBURGH — Toll Bros., the nation’s largest builder of luxury homes, said Wednesday its third-quarter profit plunged nearly 85 percent as the housing downturn and credit worries triggered cancellations and hefty write-downs.

The company’s chairman and chief executive said the quarterly cancellation rate, which rose to nearly 24 percent, was greater than at any point in the 21 years the company has been traded publicly.

Toll Bros. said earnings for the three months ended in July sank to $26.5 million, or 16 cents per share, from $174.6 million, or $1.07 per share, during the same period last year.

From Vindicator staff and wire services