Judge Sets First Place Sale Hearing for Dec. 14
YOUNGSTOWN, Ohio – U.S. Judge Brandon L. Shannon has set a Dec. 14 hearing date on First Place Financial Corp.’s proposed sale of its chief asset, First Place Bank to Talmer Bancorp Inc. In so doing, the judge ruled against objections filed by the U.S. Treasury Department and the Official Committee of Trust Preferred Securities that argued the sale process “is occurring too quickly” and the bankruptcy bidding procedures First Place seeks “do not maximize the value of the bank.” (READ STORY)
Both objections urged the judge to extend “all applicable deadlines” 90 days so First Place Financial can “properly market First Place Bank to maximize creditor recoveries.”
The sale hearing was scheduled for Dec. 7 but was delayed one week after a hearing Monday in Wilmington, Del., where Judge Shannon sits.
MORE: Treasury Asks First Place: Why the Rush to Sell?