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Breaking News: First Place Terminates CEO Lewis
WARREN, Ohio -- Moments after the markets closed today, First Place Financial Corp. filed notice with the Securities and Exchange Commission that its board of directors has terminated the employment of Steven R. Lewis as president and CEO of the company and its banking subsidiary, First Place Bank.
No reason was given for the termination, which was effective immediately.
In a four-sentence statement, First Place said the termination was “in accordance” with its employment agreement with Lewis, and that “no severance arrangements have been entered into with Lewis.” The statement said the board is “currently identifying and evaluating candidates to fill the positions. “Any selected candidate will be subject to prior regulatory review and approval.”
Board members contacted by The Business Journal declined to comment on the termination or other matters involving the company. Lewis was named CEO in 1997.
First Place is restating its consolidated financial statements for the quarterly and annual periods within the fiscal years ended June 30, 2010, 2009 and 2008. Last July a cease-and-desist order was imposed by the Office of the Controller of the Currency.
On Feb. 15, the company reported “increases to the allowance for loan losses over the periods of restatement will have a material adverse impact on the shareholders’ equity, the regulatory capital levels of First Place Bank and the ability of the bank to achieve capital levels set forth in the cease-and-desist order.”
Although the company has said it is making good progress restating its financials, it has continually sought extensions from the SEC. In November its stock was delisted by the Nasdaq exchange.
At the close of trading today, shares of First Place Financial Corp. were trading over-the-counter at 59-cent, down 3.3% from Friday's open; volume was 31,355 shares. In recent months, its stock price has falled to as low as 15 cents.
Copyright 2012 The Business Journal, Youngstown, Ohio.