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Published:Wednesday, July 23, 2008
The stock price for First Place Financial Corp. dropped 15 percent today, a day after the company reported lower earnings and a 50 percent cut in its dividend.
The stock closed at $9.61, down $1.75. The Warren-based company is the parent of First Place Bank.
Steven Lewis, company president and chief executive, said in a conference call with analysts that the dividend will be reviewed each quarter. When an analyst asked if that meant the dividend could be raised significantly in a later quarter, Lewis said, “Absolutely.”
The First Place board set its August dividend at 8.5 cents, which was down from 17 cents.
For the complete story, see Thursday’s Vindicator and Vindy.com.
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