First Place Financial Corp. Seeks Chapter 7 Conversion
WILMINGTON, Del. – First Place Financial Corp., the bankrupt holding company that sold First Place Bank to Talmer Bancorp in December, filed a motion Wednesday asking U.S. Bankruptcy Court here to convert its Chapter 11 case to Chapter 7 liquidation.
The corporation owned 100% of the common stock of First Place Bank and First Place Holdings Inc., which served as a holding company for certain ancillary financial services businesses.
First Place Bank continues to operate under Talmer’s ownership.
After the sale to Talmer closed Jan. 1, First Place Financial Corp. “was left with few remaining assets and no remaining cash or liquid assets,” states the motion.
The corporation has “worked to wind-down its remaining business, while also evaluating its options for final resolution of this case,” according to the document. “Given that all of the debtor’s primary creditors received direct payment in satisfaction of their claims … it would be in the best interest of all creditors and stakeholders to convert this case to a proceeding under Chapter 7 of the bankruptcy code,” attorneys argue.
A hearing on the motion is scheduled to take place March 27.
BACKGROUND:
Talmer Compeltes Its Acquisition of First Place Bank
No Competing Bids; First Place Bank Goes to Talmer
First Place Bank to Keep Name Under Talmer Bancorp
Published by The Business Journal, Youngstown, Ohio.
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