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Franklin Bancorp Shareholders Approve First Place Financial Merger
SOUTHFIELD, Mich. -- Shareholders of Franklin Bancorp Inc., parent company of Franklin Bank N. A., have approved the Nov. 10, 2003, merger agreement with First Place Financial Corp., Warren, Ohio. According to the agreement, Franklin will merge with and into First Place.Franklin Bancorp officials expect that the merger will receive all necessary regulatory approvals, and that the merger will become effective in the latter part of the second calendar quarter."The overwhelming support of our shareholders, as evidenced by over 98% of shares voted being in favor of the merger, confirms management and the board's belief that this transaction is in the best interest of Franklin's shareholders," comments Craig L.Johnson, president and chief executive officer of Franklin Bancorp. "The fact that the Franklin name will remain in the southeast Michigan markets, combined with the additional products and services our partnership with First Place will allow us to provide to our customers, were also important factors in the shareholders' decision." In connection with the registration of the First Place Financial common shares to be issued in the proposed merger, First Place filed an amended registration statement on Form S-4 with the Securities and Exchange Commission on Feb. 9. In addition, Franklin Bancorp mailed a definitive proxy statement/prospectus, dated Feb. 9, to all shareholders who were entitled to vote at the special meeting of the shareholders. First Place filed a copy of the definitive proxy statement/prospectus with the SEC on Feb. 9."