First Place: Latest report goes unfiled
By Karl Henkel
WARREN
First Place Financial Corp. says it cannot file its most recent annual report.
The report, with a year-ending date of June 30, is the latest of many quarterly and annual reports the corporation has not filed or plans to refile.
The report was due to the Securities and Exchange Commission by Sept. 28, or within a 15-day extension permitted.
The corporation, in an SEC filing, says it plans to file its previously delinquent reports from Sept. 30 and Dec. 31, 2010, and March 31, 2011, and restate financial conditions for years ending June 30, 2008, 2009 and 2010.
It needs to submit its delinquent quarterly filings to the SEC by Nov. 10, or the Nasdaq Stock Exchange will de-list the company’s shares, which first appeared on the open market Jan. 4, 1999.
Those filings and amendments are required because the SEC determined First Place needs to improve the condition of its loan portfolio and boost its allowance for loan losses.
First Place is also under a cease-and-desist order from the Office of Thrift Supervision.
Some restrictions include the inability for First Place to pay dividends or increase current lines of credit in order to increase capital.
First Place also needs to boost its closing-bid share price to at least $1 per share for at least 10 consecutive business days before Feb. 12, 2012.
Shares closed at 88 cents Thursday.
A First Place representative did not immediately return a call seeking comment.