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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)
August 19, 1998
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
Press release regarding management promotions.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99.1 Press release dated August 19, 1998.
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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: AUGUST 19, 1998 /s/ James D. Rose
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President and Chief Operating Officer
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PRESS RELEASE
FIRST PLACE FINANCIAL CORPORATION ANNOUNCES
MANAGEMENT PROMOTIONS
August 19, 1998
Robert S. Culpepper, chairman of the board of First Place Financial
Corporation (FPFC), today announced that effective September 1, 1998, Richard
I. Ledbetter will become chairman of the board and chief executive officer of
FPFC and James D. Rose will become president of First National Bank of
Farmington (FNBF).
Ledbetter,61, joined FNBF in 1958, and is currently chief executive
officer of FPFC and president and chief executive officer of FNBF, the
flagship bank for the Farmington-based holding company.
Rose, 55, is currently executive vice president of FNBF and president
and chief operating officer of FPFC and will continue as president of FPFC.
He has been with FNBF for 16 years. As president, he will assume the
day-to-day responsibilities of the bank and will coordinate the bank's
activities with FPFC.
Culpepper, who was named chairman emeritus of FPFC, will remain as
chairman of the board of FNBF, a position once held by his father, C.C.
Culpepper.
According to Culpepper, "The changes in management responsibilities are
being made in conjunction with FPFC's entry into the Albuquerque market with
the scheduled opening of Capital Bank in mid- to late-September. As the
senior executive officer, Ledbetter will now be able to focus on strategic
planning for the company and to ensure an effective entry into the
Albuquerque market."
"As we approach one billion dollars in total assets and plan for the
21st century, the board recognized the necessity of dividing some of the
management responsibilities," said Ledbetter. "Jim Rose and I have worked
closely together for 16 years and these new
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roles are the logical next step for both of us. These moves have been part of
our management succession plan for some time and this will also create
opportunities for some of our younger people. We have a very talented group
of managers who are fully capable of assuming greater responsibilities."
"Another key addition to our management team is Bob Goodman, the former
president of Sunwest Bank in Albuquerque," said Ledbetter. "Bob will not
only be president and chief executive officer of Capital Bank in Albuquerque
but he also serves as executive vice president and chief credit officer of
FPFC. Bob is putting together an absolutely top-notch staff at Capital Bank
that I am confident will redefine customer service in the Albuquerque market."
Ledbetter was named president and chief executive officer of FNBF in
1980. Under his leadership, the bank's total assets have increased from
approximately $100 million to $724.5 million at June 30, 1998 and today it is
the third largest bank chartered in New Mexico and the largest bank outside
Albuquerque. Consolidated stockholders' equity has increased from
approximately $8.0 million in 1980 to $74.2 million at June 30, 1998.
Adjusted for stock splits and stock dividends, the price for one share of the
company's common stock has increased from $6.77 to approximately $64.00 and
annualized cash dividends have increased from $.20 per share to $1.85 per
share during Ledbetter's tenure as chief executive officer. Market
capitalization has increased from $13 million to over $138 million.
In addition to serving on numerous civic and community boards, Ledbetter
served six years as a director of the Denver Branch of the Federal Reserve
Bank of Kansas City, is currently serving his second term as a director of
the New Mexico Bankers Association and served as President of the Association
in 1989-90. Ledbetter was the recipient of the 1994 Western States School
of Banking Bank Leadership Award.
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Rose, who received his master of business administration degree from the
University of New Mexico, was previously Vice President and Comptroller of First
National Bank in Albuquerque and Vice President - Finance of Popular Services,
Inc. in Passaic, New Jersey. He has served as a director of the New Mexico
Bankers Association and as Chairman of the Western States School of Banking.
Rose also served as the 1995 campaign chairman for San Juan United Way.
FPFC, which owns First National Bank of Farmington, New Mexico, Western
Bank of Gallup, New Mexico, Burns National Bank of Durango, Colorado had
total assets at June 30, 1998 of $935.6 million, making it the largest bank
holding company headquartered in New Mexico. It's stock is quoted on the
NASDAQ Bulletin Board under the symbol FPLF.
FOR FURTHER INFORMATION CONTACT: RICHARD I. LEDBETTER (505) 324-9525
JAMES D. ROSE (505) 324-9542
