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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):
May 28, 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 5. OTHER EVENTS
News Release dated May 28, 1996 announcing the Company's
3-for-1 stock split which is effective for shareholders of
record as of May 15, 1996 and results if the Company's
Annual Meeting held May 15, 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
News Release from First Place Financial Corporation
dated May 28, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
FIRST PLACE FINANCIAL CORPORATION
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(Registrant)
Date: May 28, 1996 /s/ JAMES D. ROSE
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James D. Rose
President and Chief Operating Officer
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[Letterhead of First Place Financial Corporation]
NEWS RELEASE
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DATE: May 28, 1996
CONTACT: James D. Rose, President
TELEPHONE: (505) 326-9042
FARMINGTON, NEW MEXICO -- Richard I. Ledbetter, chief executive officer,
announced that the Board of Directors of First Place Financial Corporation
has approved a 3-for-1 stock split. Each shareholder of record as of May 15,
1996 will receive two additional shares of First Place common stock for each
one share now owned. The stock split will increase the number of shares
outstanding from approximately 700,000 shares to 2,100,000.
James D. Rose, First Place president, stated that a hoped for result of the
stock split would be an increase in the number of shares trading. The bid
price for First Place is currently $128.50 and the 3-for-1 split should drop
the price to approximately $42.75.
First Place, with total assets of approximately $750 million, is the largest
bank holding company headquartered in New Mexico. First Place owns First
National Bank of Farmington, Western Bank, Gallup, and Burns National Bank of
Durango, Colorado.
At the Annual shareholders meeting held on May 15, 1996, Tom Bolack, Jack
Morgan, and Ben Heikkinen were re-elected to three-year terms as directors of
the Company. Mr. Bolack is an independent oil operator and former governor
of New Mexico, Mr. Morgan is a practicing attorney and Mr. Heikkinen is
president of Industrial Repair Services, Inc.
Mr. Ledbetter reported to the shareholders that the Company has considered a
stock repurchase plan but chose not to pursue it due to a perceived lack of
sellers. He indicated that the Company continues to look for acquisitions
and, preferably, banks that could be bought for cash rather than an exchange
of stock.
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Mr. Ledbetter indicated that dividends for 1996 should be higher than for
1995 given the recent $.10 per share increase in the quarterly dividend. He
also stated that First National Bank of Farmington expects to complete the
foreclosure process on a piece of troubled real estate in Telluride, Colorado
by May 28, 1996 and that, if the foreclosure proceeds on schedule and barring
any other unforeseen circumstances, the bank hopes to dispose of the property
with no loss.
Mr. Rose reported that 1995 was a record-breaking year for the Company. Total
assets at December 31, 1995 were $690,795,000, an increase of $73,861,000, or
12.0% over 1994. Net income increased 9.3% to $8,766,000 from $8,017,000 and
earnings per share increased 7.2% to $12.80 from $11.94. Mr. Rose also
reported that on May 14, 1996, First National surpassed $600 million in total
assets for the first time, ending the day at $607 million. First National
was rated by Sheshunoff Information Services, Inc. as one of the best banks
in America for the year ending December 31, 1995.
B. Stephens Parker, president of Burns National Bank of Durango, reported to
the shareholders that Burns presently is enjoying strong loan demand and
that, based upon continuation of such strong demand in 1996, the bank is
anticipating a fifth straight year of record profits. The bank had net
income of $1,553,000 in 1995. Burns National was also rated by Sheshunoff
Information Services, Inc. as one of the best banks in America for 1995.
John W. Dowling, president of Western Bank Gallup, acquired by the Company on
August 30, 1995, is projecting growth in loans, deposits, non-interest
income, and elimination of non-recurring expenses, which, if realized, should
result in net income for 1996 of approximately $200,000 and total assets of
$40,000,000 by year-end. Western recently installed its first two automatic
teller machines to make its banking services more accessible to its customers
and to help promote growth in consumer deposits.
