First Place loses $31 million in 2010

Staff report

warren

First Place Financial Corp., the parent company of First Place Bank, posted a net loss of $31.2 million for the 2010 fiscal year, as the company continued to struggle with bad loans.

In its annual shareholders report, released Thursday, the company said the earnings results primarily can be attributed to an $87 million loan-loss provision that was part of an effort to reduce bad loans in the portfolio.

First Place lost $110.4 million, including a $93.7 million goodwill impairment, in fiscal year 2009.

The 2010 loss attributable to common shareholders was $35.6 million, or $2.14 per share.

First Place will discuss the report at its annual shareholders meeting Oct. 28. The meeting will take place at 10 a.m. at the Avalon Golf & Country Club at Squaw Creek, 761 Youngstown-Kingsville Road in Vienna.