Judge OKs Chapter 7 for First Place Financial
WILMINGTON, Del. -- U.S. Bankruptcy Court here has approved First Place Financial Corp.’s motion requesting that its Chapter 11 reorganization case be converted to Chapter 7 liquidation. U.S. Bankruptcy Judge Brendan L. Shannon signed the order converting the case to Chapter 7 Monday, two days before to a scheduled hearing on the motion.
First Place Financial previously owned 100% of the common stock of Warren-based First Place Bank and First Place Holdings Inc., which served as a holding company for certain ancillary financial services businesses. First Place Bank was acquired in December by Talmer Bancorp Inc. in Troy, Mich.
Following the sale of First Place Bank to Talmer for $45 million plus the assumption of $15 million of debt, First Place Financial “was left with few remaining assets and no remaining cash or liquid assets,” states the motion seeking Chapter 7 conversion.
According to the order signed this week, as required by federal bankruptcy rules, First Place Financial must turn over to the Chapter 7 trustee all records and property of is estate within its custody and control; file a schedule of unpaid debts incurred after commencement of the cases through the conversion date within 14 days after the conversation date, including the name and address of each creditor on that schedule; and within 30 days following the conversion date file and transmit a final report and account to the office of the U.S. Trustee.
All professionals employed by the debtor’s estate must file, within 60 days after the conversion date, their final fee applications.
First Place Bank operates 41 retail locations, two business financial service centers and 19 loan production officers.
Published by The Business Journal, Youngstown, Ohio.
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