First Place Financial cuts dividend after fourth quarter loss

WARREN — First Place Financial Corp. cut its quarterly dividend for the second time since July after posting a $2.6 million loss in the fourth quarter.

The board of directors cut the dividend to 1 cent a share, although an executive said it would be reviewed each quarter.

“We understand the importance of our dividend to our common shareholders, and we did not make this decision lightly,” said Steven Lewis, president and chief executive of the holding company for First Place Bank.

In July, the board reduced the dividend from 17 cents a share to 8.5 cents.

Reducing the dividend to 1 cent will allow the company to retain $5 million a year, which will provide “further flexibility for us to take action to resolve issues as they develop,” he said.

For more information, see Thursday’s Vindicator or www.vindy.com.