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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 31, 1996
FIRST PLACE FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
New Mexico 0-25956 85-0317365
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(State or other jurisdiction of (Commission (I.R.S Employer
incorporation or organization) file number) Identification No.)
100 East Broadway, Farmington, New Mexico 87401
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Address of principal executive offices Zip Code
Registrant's telephone number, including area code: (505) 326-9000
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ITEM 6. OTHER EVENTS
News release dated July 19,1996 outlining the Company's performance for the
second quarter of 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
News release from First Place Financial Corporation dated July 19,
1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST PLACE FINANCIAL CORPORATION
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(Registrant)
Date: July 31, 1996 /s/James D. Rose
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James D. Rose
President and Chief Operating Officer
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NEWS RELEASE
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DATE: July 19, 1996
CONTACT: James D. Rose, President
TELEPHONE: (505) 326-9042
FARMINGTON, NEW MEXICO -- Richard I. Ledbetter, chief executive officer of
Farmington-based First Place Financial Corporation, has announced that net
income for the first six months of 1996 was $4,940,000 versus $4,141,000 for the
same period last year, an increase of 19.3%. Net income for the three-month
period ending June 30, 1996 was $2,454,000, an 18.4% increase over the same
period last year.
According to Ledbetter, the strong earnings performance reflects continued
growth in net loans, which increased 7.8% during the first half of 1996 and
contributed to a 14.1% increase in net interest income after provision for loan
losses during the same period. Net loans outstanding at June 30, 1996 were
$427,065,000 compared to $396,092,000 at year-end 1995. Total assets for the
company at June 30, 1996 were $740,360,000 versus $690,795,000 at December 31,
1995, an increase of 7.2%.
"Another important factor in the company's performance," Ledbetter said,
"is our continued emphasis on controlling net overhead. Our efficiency ratio
for the first six months of 1996 was 54.3% and this operating efficiency allows
us to be very competitive in the rates we charge for loans and pay on deposits
and still give our shareholders a good return." Annualized return-on-equity for
the six-month period was 16.44%.
James D. Rose, president, reported that the regular quarterly dividend for
First Place was recently increased by $.01 from $.95 to $.96 on a pre-split
basis. In May 1996, First Place declared a 3-for-1 stock split. The post-split
dividend rate is now $.32 per share.
First Place Financial Corporation is the largest bank holding company
headquartered in New Mexico and owns First National Bank of Farmington, Western
Bank of Gallup, and Burns National Bank of Durango, Colorado. First National is
the largest locally-owned bank in New Mexico and the largest bank outside of
Albuquerque.
POST OFFICE BOX 4540 - FARMINGTON, NEW MEXICO 87499-4540
