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First Place boards terminate president, CEO Steven Lewis



Published: Sat, April 21, 2012 @ 12:00 a.m.

Staff report

WARREN

Steven R. Lewis, president and chief executive officer of First Place Financial Corp. and CEO of First Place Bank, was terminated Friday by the boards of directors of First Place and its subsidiary, First Place Bank.

The decision was announced through a document filed Friday afternoon.

Lewis had been president and CEO of First Place and CEO of First Place Bank since 1997, according to a profile on Forbes.com.

The bank did not enter into any severance agreement with Lewis.

Both boards are trying to identify and evaluate candidates to fill the positions vacated by Lewis.

Any selected candidate will be subject to prior regulatory review and approval, the company said.

Though no reason was given for Lewis’ departure, the move is the latest in a tumultuous year for the company and bank.

First Place Bank found itself off the Nasdaq Capital Market last November because of a failure to timely file multiple financial statements over a four-year period.

The company needs to file delinquent reports from Sept. 30 and Dec. 31, 2010, and March 31, 2011, and restate financial conditions for years ending June 30, 2008, 2009 and 2010.

Those filings and amendments are required because the Security and Exchange Commission determined First Place needs to improve the condition of its loan portfolio and boost its allowance for loan losses.

It had appeared on the Nasdaq since 1999.

Over-the-counter shares of First Place dropped 2 cents Friday to 59 cents per share.


Comments

1chuck_carney(499 comments)posted 2 years, 5 months ago

His firing has been long overdue. It appears that the board must look to find a buyer such as USB who is a major acquirer of banks in this down market.

Wish the terms of his severance package were disclosed.

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2CompMan(125 comments)posted 2 years, 5 months ago

The area would be served well if Farmers (FMNB) or First National of Pa (FNB) acquire to protect local interest. FDIC protects assets but not incomptence. Agree the Board should have acted earlier. Let's see if more if if they can pull a Lazarus. Sad, especially when they were once a true community bank.

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