First Place Bank approved for a $75 million federal investment
WARREN — The parent company of First Place Bank has been approved for a $75 million investment from the federal government.
The money is part of the $700 billion approved last year to loosen the nation’s credit markets. The first half of the money was used to shore up big financial companies that were in trouble. The rest is being used to boost the lending capacity of healthy institutions.
“This is not a bailout,” said Steven Lewis, First Place president and chief executive, who said the bank is considered well capitalized by regulatory standards.
The board of Warren-based First Place Financial Corp. has 30 days to consider whether to accept the money and issue preferred stock that would pay the U.S. Treasury 5 percent annual interest.
For more information, see Friday’s Vindicator or www.vindy.com.