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First Place Gets Approval for Franklin Bancorp Merger
WARREN, Ohio -- First Place Financial Corp. announced today it has received approval from the Office of Thrift Supervision to complete the merger with Franklin Bancorp of Southfield, Mich.Executives say the merger should be effective May 28.First Place and Franklin announced Nov. 10 a merger plan value at $83.6 million. Shareholders of Franklin Bancorp approved the sale of the company April 6.Terms of the cash-or-stock transaction call for Franklin shareholders to receive either $21 in cash or 1.137 shares of First Place common stock for each Franklin share held, provided that at least 50% of Franklin shares are converted into stock.Franklin, through its wholly-owned subsidiary, Franklin Bank N.A., operates five banking offices and two lending centers in Oakland and Wayne counties in Michigan. The company has $540 million in assets.First Place, through its wholly-owned subsidiary First Place Bank, operates 22 retail banking locations and 13 loan production offices. The company's affiliates include First Place Insurance Agency, Coldwell Banker First Place Real Estate, TitleWorks Agency and APB Financial Group. Visit First Place Financial Corp. at www.firstplacebank.net"