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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 18, 1997
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) 324-9500
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ITEM 5. OTHER EVENTS
News release dated July 18, 1997 announcing the Company's second
quarter 1997 earnings and announcing quarterly dividends.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
News release from First Place Financial Corporation dated July 18,
1997.
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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 28, 1997 James D. Rose
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President and Chief Operating Officer
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NEWS RELEASE
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DATE: July 18, 1997
CONTACT: James D. Rose, President
TELEPHONE: (505) 324-9542
FIRST PLACE FINANCIAL CORPORATION
FARMINGTON, NEW MEXICO -- Richard I. Ledbetter, chief executive officer,
reported today that First Place Financial Corporation recently declared a
regular quarterly dividend of $.35 per share, bringing total dividends
declared for the first two quarters of 1997 to $.70 per share compared to
$.64 per share in 1996, an increase of $.06, or 9.4%.
Ledbetter also reported that First Place Financial Corporation had net
income of $2,404,000 for the quarter ending June 30, 1997. "After adjusting
for the $129,000 loss on the sale of investment securities, this compares
very favorably with the $2,454,000 we earned in the same period last year,"
said Ledbetter. Year-to-date net income was $4,702,000 for the first six
months of 1997 compared to $4,940,000 for the same period last year.
According to James D. Rose, president and chief operating officer, "the
company continues to experience strong growth in all three of the markets
we're in. Total assets of First National Bank of Farmington have increased
$66 million, or 11.1%, in the past twelve months, Burns National Bank of
Durango, Colorado has grown $24 million, or 20.1%, and Western Bank, Gallup
has grown by over $9 million, or 24.2%." Total assets at June 30, 1997 were
$843,225,000, an increase of $102,865,000, or 13.9%, over the prior year.
At June 30, 1997, First Place had total stockholders' equity of
$68,451,000 compared to $60,100,000 in 1996, an increase of $8,351,000, or
13.9%.
