<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 1998
-----------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-25956
FIRST PLACE FINANCIAL CORPORATION PROFIT SHARING PLAN
(with 401(k) Provisions)
--------------------------------
(Full title of the plan)
FIRST PLACE FINANCIAL CORPORATION
------------------------------------------------
(Name of issuer of securities)
100 East Broadway
Farmington, New Mexico 87401
------------------------------------------------
(Address of issuer's principal executive office)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
FIRST PLACE FINANCIAL CORPORATION
PROFIT SHARING PLAN (with 401(k) Provisions)
INDEX OF FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
<TABLE>
<CAPTION>
Page
<S> <C>
Independent Auditors' Report ........................................ 3
Financial Statements:
- Statement of Net Assets Available for Benefits
With Fund Information, December 31, 1998 ................... 4
- Statement of Net Assets Available for Benefits
With Fund Information, December 31, 1997 ................... 5
- Statement of Changes in Net Assets Available for
Benefits With Fund Information, December 31, 1998........... 6
- Statement of Changes in Net Assets Available for
Benefits With Fund Information, December 31, 1997 .......... 7
- Statement of Changes in Net Assets Available for
Benefits With Fund Information, December 31, 1996 .......... 8
- Notes to the Financial Statements .......................... 9
Supplemental Schedules:
- Independent Auditors' Report ............................... 14
- Item 27(a) Schedule of Assets Held for
Investment Purposes ........................................ 15
- Item 27(d) Schedule of Reportable Transactions ............. 16
- Consent of Independent Auditors ............................ 17
Signatures .......................................................... 18
</TABLE>
2
<PAGE>
INDEPENDENT AUDITORS' REPORT
Plan Administrator,
First Place Financial Corporation
Profit Sharing Plan
With 401(k) Provisions
We have audited the accompanying statements of net assets available for
benefits of the First Place Financial Corporation Profit Sharing Plan With
401(k) Provisions as of December 31, 1998 and 1997, and the related
statements of changes in net assets available for benefits for each of the
years in the three-year period ended December 31, 1998. These financial
statements are the responsibility of the Plan's administrator. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by the Plan's administrator, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits of
the First Place Financial Corporation Profit Sharing Plan as of December 31,
1998 and 1997, and the changes in net assets available for benefits for each
of the years in the three-year period ended December 31, 1998, in conformity
with generally accepted accounting principles.
/s/ Chandler & Company, LLP
Farmington, New Mexico
June 16, 1999
3
<PAGE>
First Place Financial Corporation
Profit Sharing Plan With 401(k) Provisions
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1998
<TABLE>
<CAPTION>
Participant Directed
-------------------------------------------------------------------------
FPFC Money Asset Government Janus Fidelity
Common Stock Market Manager Bond Worldwide Magellan Total
------------ ----------- ---------- ----------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Cash
Cash at First National Bank $ (605) $ 22,880 $ 4,475 $ 1,877 $ 34,265 $ 3,164 $ 66,056
Cash at other institutions - 218,231 - - - - 218,231
----------- ----------- ---------- ----------- ----------- ------------- -----------
Total cash (605) 241,111 4,475 1,877 34,265 3,164 284,287
Investments, at fair value
Common stock
(cost $1,889,468) 3,502,950 - - - - - 3,502,950
Balanced fund (cost $407,892) - - 413,995 - - - 413,995
Bond fund (cost $94,751) - - - 94,761 - - 94,761
International fund
(cost $306,959) - - - - 323,920 - 323,920
Stock fund (cost $983,444) - - - - - 1,292,601 1,292,601
----------- ----------- ---------- ----------- ----------- ------------- -----------
Total investments 3,502,950 - 413,995 94,761 323,920 1,292,601 5,628,227
Amounts receivable
Employer's contributions 18,030 55,543 32,936 8,860 41,419 100,635 257,423
Participants' contributions 3,094 1,952 4,532 992 8,062 13,902 32,534
Interest & dividends 47,131 - - - - - 47,131
----------- ----------- ---------- ----------- ----------- ------------- -----------
Total amounts receivable 68,255 57,495 37,468 9,852 49,481 114,537 337,088
----------- ----------- ---------- ----------- ----------- ------------- -----------
Net assets available for benefits $3,570,600 $298,606 $455,938 $ 106,490 $ 407,666 $ 1,410,302 $6,249,602
----------- ----------- ---------- ----------- ----------- ------------- -----------
----------- ----------- ---------- ----------- ----------- ------------- -----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
First Place Financial Corporation
Profit Sharing Plan With 401(k) Provisions
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1997
<TABLE>
<CAPTION>
Participant Directed
---------------------------------------------------------------------
FPFC Money Asset Government Janus Fidelity
Common Stock Market Manager Bond Worldwide Magellan Total
------------ ---------- ---------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Cash
Cash at First National Bank $ 337,186 $ - $ 14,529 $ 6,092 $ - $ 75,184 $ 432,991
Cash at other institutions 8,792 173,838 - - - - 182,630
------------ ---------- ---------- ---------- ---------- ------------ ------------
Total cash 345,978 173,838 14,529 6,092 - 75,184 615,621
Investments, at fair value
Common stock (cost $1,941,507) 4,627,280 - - - - - 4,627,280
Balanced fund (cost $339,576) - - 377,691 - - - 377,691
Bond fund (cost $84,457) - - - 84,365 - - 84,365
Stock fund (cost $710,318) - - - - - 787,976 787,976
------------ ---------- ---------- ---------- ---------- ------------ ------------
Total investments 4,627,280 - 377,691 84,365 - 787,976 5,877,312
Amounts receivable
Employer's contributions 45,344 48,956 46,980 13,251 - 101,189 255,720
Participants' contributions - 3,773 10,884 2,277 - 21,253 38,187
Interest & dividends - - - - - - -
------------ ---------- ---------- ---------- ---------- ------------ ------------
Total amounts receivable 45,344 52,729 57,864 15,528 - 122,442 293,907
------------ ---------- ---------- ---------- ---------- ------------ ------------
Net assets available for benefits $ 5,018,602 $ 226,567 $ 450,084 $ 105,985 $ - $ 985,602 $ 6,786,840
------------ ---------- ---------- ---------- ---------- ------------ ------------
------------ ---------- ---------- ---------- ---------- ------------ ------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
First Place Financial Corporation
Profit Sharing Plan With 401(k) Provisions
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
For The Year Ended December 31, 1998
<TABLE>
<CAPTION>
Participant Directed
------------------------------------------------------------------------
FPFC Money Asset Government Janus Fidelity
Common Stock Market Manager Bond Worldwide Magellan Total
-------------- --------- ---------- ----------- ----------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions
Additions to net assets attributed to:
Investment income
Net appreciation
(depreciation) in fair
value of investments $ (1,072,291) $ - $ (32,013) $ 103 $ 16,961 $ 231,499 $ (855,741)
Gains (losses) on sale 87,987 - 16,889 (157) - 15,860 120,579
Interest 15,893 11,637 - 185 - - 27,715
Dividends 168,616 - 75,356 5,525 99 61,155 310,751
-------------- --------- ---------- ----------- ----------- ---------- ----------
(799,795) 11,637 60,232 5,656 17,060 308,514 (396,696)
Contributions:
Participants' 47,059 29,853 72,251 17,117 81,451 199,865 447,596
Employer's 18,030 55,543 32,936 8,860 41,419 100,635 257,423
-------------- --------- ---------- ----------- ----------- ---------- ----------
65,089 85,396 105,187 25,977 122,870 300,500 705,019
-------------- --------- ---------- ----------- ----------- ---------- ----------
Total additions (734,706) 97,033 165,419 31,633 139,930 609,014 308,323
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 574,737 32,275 67,797 7,043 2,287 161,422 845,561
-------------- --------- ---------- ----------- ----------- ---------- ----------
Net increase prior to interfund
transfers (1,309,443) 64,758 97,622 24,590 137,643 447,592 (537,238)
Interfund transfers (138,559) 7,281 (91,768) (24,085) 270,023 (22,892) -
-------------- --------- ---------- ----------- ----------- ---------- ----------
Net increase (decrease) (1,448,002) 72,039 5,854 505 407,666 424,700 (537,238)
Net assets available for benefits:
Beginning of year 5,018,602 226,567 450,084 105,985 - 985,602 6,786,840
-------------- --------- ---------- ----------- ----------- ---------- ----------
End of year $ 3,570,600 $ 298,606 $ 455,938 $ 106,490 $ 407,666 $1,410,302 $6,249,602
-------------- --------- ---------- ----------- ----------- ---------- ----------
-------------- --------- ---------- ----------- ----------- ---------- ----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
First Place Financial Corporation
Profit Sharing Plan With 401(k) Provisions
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
For The Year Ended December 31, 1997
<TABLE>
<CAPTION>
Participant Directed
-------------------------------------------------------------------
FPFC Money Asset Government Janus Fidelity
Common Stock Market Manager Bond Worldwide Magellan Total
------------ ---------- --------- ---------- ---------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions
Additions to net assets attributed to:
Investment income
Net appreciation in fair
value of investments $ 904,620 $ - $ 24,602 $ 448 $ - $ 88,689 $ 1,018,359
Gains (losses) on sale 105,041 - 1,471 3 - 5,124 111,639
Interest 22,794 9,213 - 185 - - 32,192
Dividends 71,400 - 31,838 4,225 - 48,589 156,052
------------ ---------- --------- ---------- ---------- ----------- -------------
1,103,855 9,213 57,911 4,861 - 142,402 1,318,242
Contributions:
Participants' 75,089 21,140 103,500 21,863 - 188,854 410,446
Employer's 45,344 48,956 46,980 13,251 - 101,189 255,720
------------ ---------- --------- ---------- ---------- ----------- -------------
120,433 70,096 150,480 35,114 - 290,043 666,166
------------ ---------- --------- ---------- ---------- ----------- -------------
Total additions 1,224,288 79,309 208,391 39,975 - 432,445 1,984,408
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 262,002 11,258 24,969 4,592 - 71,944 374,765
------------ ---------- --------- ---------- ---------- ----------- -------------
Net increase prior to interfund
transfers 962,286 68,051 183,422 35,383 - 360,501 1,609,643
Interfund transfers (93,345) (14,773) 15,145 6,388 - 86,585 -
------------ ---------- --------- ---------- ---------- ----------- -------------
Net increase (decrease) 868,941 53,278 198,567 41,771 - 447,086 1,609,643
Net assets available for benefits:
Beginning of year 4,149,661 173,289 251,517 64,214 - 538,516 5,177,197
------------ ---------- --------- ---------- ---------- ----------- -------------
End of year $ 5,018,602 $ 226,567 $ 450,084 $ 105,985 $ - $ 985,602 $ 6,786,840
------------ ---------- --------- ---------- ---------- ----------- -------------
------------ ---------- --------- ---------- ---------- ----------- -------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
First Place Financial Corporation
Profit Sharing Plan With 401(k) Provisions
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
For The Year Ended December 31, 1996
<TABLE>
<CAPTION>
Participant Directed
--------------------------------------------------------------------
FPFC Money Asset Government Janus Fidelity
Common Stoc Market Manager Bond Worldwide Magellan Total
------------ ---------- --------- ---------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions
Additions to net assets attributed to:
Investment income
Net appreciation in fair
value of investments $ 964,248 $ - $ 2,456 $ (806)$ - $ (13,032)$ 952,866
Gains (losses) on sale 22,935 - 13,479 29 - (13,997) 22,446
Interest - 32,914 - - - - 32,914
Dividends 100,793 - 14,869 3,965 - 63,085 182,712
------------ ---------- --------- ---------- ----------- ----------- ------------
1,087,976 32,914 30,804 3,188 - 36,056 1,190,938
Contributions:
Participants' 101,886 30,736 69,751 19,872 - 150,946 373,191
Employer's 81,450 40,983 36,104 10,820 - 71,035 240,392
------------ ---------- --------- ---------- ----------- ----------- ------------
183,336 71,719 105,855 30,692 - 221,981 613,583
------------ ---------- --------- ---------- ----------- ----------- ------------
Total additions 1,271,312 104,633 136,659 33,880 - 258,037 1,804,521
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 140,312 18,724 51,946 3,117 - 24,974 239,073
------------ ---------- --------- ---------- ----------- ----------- ------------
Net increase prior to interfund
transfers 1,131,000 85,909 84,713 30,763 - 233,063 1,565,448
Interfund transfers 258,854 (84,692) (82,557) (34,140) - (57,465) -
------------ ---------- --------- ---------- ----------- ----------- ------------
Net increase (decrease) 1,389,854 1,217 2,156 (3,377) - 175,598 1,565,448
Net assets available for benefits:
Beginning of year 2,759,807 172,072 249,361 67,591 - 362,918 3,611,749
------------ ---------- --------- ---------- ----------- ----------- ------------
End of year $ 4,149,661 $ 173,289 $ 251,517 $ 64,214 $ - $ 538,516 $ 5,177,197
------------ ---------- --------- ---------- ----------- ----------- ------------
------------ ---------- --------- ---------- ----------- ----------- ------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
First Place Financial Corporation
Profit Sharing Plan
With 401(k) Provisions
NOTES TO FINANCIAL STATEMENTS
December 31, 1998, 1997 and 1996
NOTE A - DESCRIPTION OF PLAN
1. GENERAL
The following description of the First Place Financial Corporation
Profit Sharing Plan With 401(k) Provisions (the Plan) provides only
general information. Participants should refer to the Plan agreement
for a more complete description of the Plan's provisions.
The Plan is a defined contribution plan which provides benefits to
substantially all employees of First Place Financial Corporation (the
Company) and its wholly owned subsidiaries, First National Bank of
Farmington, Burns National Bank of Durango, Western Bank, Gallup and
Capital Bank, Albuquerque. There were 365 participants in 1996, 396 in
1997, and 576 in 1998.
The plan is subject to the applicable provisions of the Employee
Retirement Income Security Act of 1974, as amended (ERISA). The Plan
is administered by a plan committee appointed by the Company's Board
of Director's. The First National Bank of Farmington is the Plan's
Trustee. All of the Plan's assets are held in a trust fund
administered by the First National Bank of Farmington.
Employees of the Company and its subsidiaries are generally eligible
to participate in the Plan after not more than six months of service
providing their position requires service of at least 1,000 hours
during the plan year. Participants who do not have at least 1,000
hours of service during the plan year, or who are not employed on the
last day of the plan year, are generally not eligible for an
allocation of Company contributions for such year.
2. CONTRIBUTIONS
Subsidiaries of the Company contribute to the Plan amounts which their
respective Boards of Directors annually determine to be proper.
Company contributions are made during or shortly after the year to
which they apply. Participants are permitted to make pre-tax
contributions up to fifteen percent of their annual wages, subject to
dollar limitations imposed by the Internal Revenue Code.
3. PARTICIPANTS' ACCOUNTS
Each participant's account is credited with an allocation of (a) the
Company's contribution, (b) plan earnings, (c) forfeitures of
terminated participants' non-vested accounts, and (d) salary deferrals
contributed by participants. Allocations are based upon account
balances or participant's earnings, as defined. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's account.
9
<PAGE>
First Place Financial Corporation
Profit Sharing Plan
With 401(k) Provisions
NOTES TO FINANCIAL STATEMENTS - continued
December 31, 1998, 1997 and 1996
NOTE A - DESCRIPTION OF PLAN - continued
4. VESTING
Participants are immediately vested in their voluntary contributions,
employer matching contributions, plus actual earnings thereon. Vesting
in the remainder of their accounts is based on years of continuous
service. A participant is 100 percent vested after six years of
credited service.
5. INVESTMENT OPTIONS
Upon enrollment in the Plan, the participant may direct employee
contributions in 5 percent increments in any of the six investment
options.
FPFC (First Place Financial Corporation) Common Stock Fund - Funds are
invested in shares of FPFC common stock.
Money Market Fund - Funds are invested in a First National Bank of
Farmington Now Account, or in a money market account at a registered
investment company (Franklin's Institutional Fiduciary Trust Money
Market Portfolio).
Asset Manager Fund - Funds are invested in a registered investment
company (Fidelity Asset Manager) that invests in stocks and bonds.
Government Bond Fund - Funds are invested in a registered investment
company (Fidelity Short/Intermediate Government Bond) that invests in
U.S. Government securities.
Janus Worldwide Fund - Funds are invested in a registered investment
company (Janus Worldwide) that invests in international equity
securities.
Magellan Fund - Funds are invested in a registered investment company
(Fidelity Magellan) that invests in stocks and bonds.
6. PAYMENT OF BENEFITS
On termination of service a participant may elect to receive either a
lump-sum amount equal to the value of his or her account, or payment
in annual installments over a fixed reasonable period of time, not
exceeding the lesser of five years or the life expectancy of the
participant.
7. ADMINISTRATIVE EXPENSES
Administrative expenses incurred by the Plan are routinely paid by
First Place Financial Corporation. These expenses totaled $11,616,
$5,473, and $10,123 for plan years ended December 31, 1998, 1997 and
1996 respectively.
10
<PAGE>
First Place Financial Corporation
Profit Sharing Plan
With 401(k) Provisions
NOTES TO FINANCIAL STATEMENTS - continued
December 31, 1998, 1997 and 1996
NOTE B - SUMMARY OF ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the plan are prepared on the accrual method of
accounting.
INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value. Shares of registered
investment companies are valued at quoted market prices which represent the
net asset value of shares held by the Plan at year-end. First Place
Financial Corporation common stock is valued at its latest traded market
price. Money market interest bearing cash accounts are valued at account
balance.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date. Gains and losses on sales are determined using the
first in - first out (FIFO) method.
PAYMENTS OF BENEFITS
Benefits are recorded when paid.
ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires the plan administrator to make
estimates and assumptions that affect certain reported amounts and
disclosures. Accordingly, actual results may differ from those estimates.
NOTE C - TRANSACTIONS WITH PARTIES-IN-INTEREST
The Plan's investment in common stock of First Place Financial Corporation
is considered to be a party-in-interest transaction. The stock was acquired
at its fair value as determined by First Place Financial Corporation.
Primarily for liquidity purposes, the Plan maintains some of its cash on
deposit at First National Bank of Farmington. This investment in cash is
also considered a party-in-interest transaction, and is maintained in an
interest bearing account (4.55% at December 31, 1998).
NOTE D - PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate
the Plan subject to the provisions of ERISA. In the event of plan
termination, participants will become 100 percent vested in their accounts.
11
<PAGE>
First Place Financial Corporation
Profit Sharing Plan
With 401(k) Provisions
NOTES TO FINANCIAL STATEMENTS - continued
December 31, 1998, 1997 and 1996
NOTE E - INCOME TAX STATUS
The plan obtained its latest determination letter on October 10, 1994, in
which the Internal Revenue Service stated that the Plan, as then designed,
was in compliance with the applicable requirements of the Internal Revenue
Code, and is therefore, not subject to tax under present income tax laws.
NOTE F - UNREALIZED APPRECIATION
The following table presents changes in the plan's net unrealized
appreciation (including investments bought, sold, and held during each
year):
<TABLE>
<CAPTION>
1998 1997 1996
----------------- ---------------- ---------------
<S> <C> <C> <C>
Net unrealized appreciation at
January 1, $2,801,454 $1,783,095 $ 830,229
Increase in net unrealized
appreciation (855,741) 1,018,359 952,866
--------- --------- ---------
Net unrealized appreciation at
December 31, $1,945,713 $2,801,454 $1,783,095
--------- --------- ---------
--------- --------- ---------
</TABLE>
12
<PAGE>
SUPPLEMENTAL INFORMATION
13
<PAGE>
INDEPENDENT AUDITORS' REPORT
Plan Administrator
First Place Financial Corporation
Profit Sharing Plan With 401(k) Provisions
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes, and reportable transactions, are presented for
the purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. The supplemental
schedules have been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, are fairly stated in
all material respects in relation to the basic financial statements taken as
a whole.
/s/ Chandler & Company, LLP
Farmington, New Mexico
June 16, 1999
14
<PAGE>
First Place Financial Corporation
Profit Sharing Plan With 401(k) Provisions
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1998 and 1997
<TABLE>
<CAPTION>
Current
Identity of Issue Description Cost Value
- ------------------------------------------- ----------------------- -------------- --------------
<S> <C> <C> <C>
DECEMBER 31, 1998
* First Place Financial Common Stock, no
Corporation par $1,889,468 $3,502,950
Fidelity Asset Manager Fund Mutual Fund 407,892 413,995
Fidelity Short/Intermediate
Government Fund Mutual Fund 94,751 94,761
Fidelity Magellan Fund Mutual Fund 983,444 1,292,601
Janus Wordwide Fund Mutual Fund 306,959 323,920
Franklin Funds Institutional Money market
Fiduciary Money Market Fund deposit at 4.85% 218,231 218,231
* First National Bank of NOW account
Farmington deposit at 4.55% 66,056 66,056
DECEMBER 31, 1997:
* First Place Financial Common Stock, no
Corporation par $1,941,507 $4,627,280
Fidelity Asset Manager Fund Mutual Fund 339,576 377,691
Fidelity Short/Intermediate
Government Fund Mutual Fund 84,457 84,365
Fidelity Magellan Fund Mutual Fund 710,318 787,977
Franklin Funds Institutional Money market
Fiduciary Money Market Fund deposit at 5.51% 182,630 182,630
* First National Bank of NOW account
Farmington deposit at 5.10% 432,990 432,990
</TABLE>
Note:
Issuers identified with a "*" are parties-in-interest. All of the investments
and transactions identified are exempt from reporting as prohibited transactions
under ERISA.
15
<PAGE>
First Place Financial Corporation
Profit Sharing Plan With 401(k) Provisions
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
Years ended December 31, 1998 and 1997
<TABLE>
<CAPTION>
Description Purchase Selling Cost Current value Net
Identity of party involved of assets price price of assets at purchase Gain (loss)
- --------------------------------- ----------------- ------------ ------------ --------------- ------------------ --------------
<S> <C> <C> <C> <C> <C> <C>
DECEMBER 31, 1998:
Fidelity Magellan Fund Mutual fund
shares $367,664 $ - $367,664 $367,664 $ -
DECEMBER 31, 1997:
Fidelity Magellan Fund Mutual fund
shares $219,374 $ - $219,374 $219,374 $ -
Fidelity Asset Manager Fund Mutual fund
shares 555,478 - 555,478 555,478 -
</TABLE>
16
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the registration statement of
First Place Financial Corporation and subsidiaries on form S-8 of our reports
dated June 16, 1999, on our audits of the financial statements of the First
Place Financial Corporation Profit Sharing Plan With 401(k) Provisions as of
December 31, 1998 and 1997, and for each of the years in the three year
period ended December 31, 1998, and the supplemental schedules as of and for
the years ended December 31, 1998 and 1997, which reports are included in
this annual report on Form 11-K.
/s/ Chandler & Company, LLP
Farmington, New Mexico
June 16, 1999
17
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the Trustees and Administrative Committee have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 24,1999 FIRST PLACE FINANCIAL CORPORATION
PROFIT SHARING PLAN (with 401(k)
provisions)
/s/ James D. Rose
-------------------------------------
President and Chief Operating Officer
18
