First Place shareholders approve takeover

VIENNA — Steve Lewis knew what was foremost on the minds of shareholders at the annual meeting of First Place Financial Corp.

“Who’s not happy with the stock price?” the company president and chief executive said as he opened his remarks Wednesday at Squaw Creek Country Club.

Nearly all of the 150 shareholders, employees and board members raised their hands.

“You are clearly at the right meeting,” Lewis said.

Amid the collapse of the nation’s credit system, First Place stock has lost more than half of its value since the end of September. It closed down 51 cents, or 7 percent, Wednesday at $6.37.

First Place’s executive team is managing its operations as best as it can, including negotiating what stands to be the company’s biggest acquisition to date, Lewis said.

“This team has rededicated itself to take this organization as far as it can possibly take it,” he said.

That may start with the takeover of Camco Financial Corp., the parent company of Advantage Bank in Cambridge.

First Place shareholders approved the stock transaction Wednesday, and Camco shareholders are to vote on it Thursday.

For more on this story, read Thursday's Vindicator or Vindy.com.