First Place Financial shareholders approve government purchase of company stock

WARREN — Shareholders of First Place Financial Corp. approved granting the government warrants to buy discounted shares of company stock at a special meeting today.

The action allows the U.S. Treasury to buy 3.6 million shares of common stock at $2.98 a share. First Place stock is trading at about $4.50.

Steve Lewis, First Place president and chief executive, said the government hasn’t indicated when it would take action on the warrants.

The warrants are in addition to 73,000 shares of preferred stock that the Treasury received for providing a $73 million investment in the company.

The money for the investment is part of the $700 billion approved by Congress last year to loosen the nation’s credit markets.

For the complete story, see Thursday’s Vindicator and Vindy.com