WARREN, Ohio, March 16, 2009 (GLOBE NEWSWIRE) -- First Place Financial Corp. (Nasdaq:FPFC), the parent company of First Place Bank, has made the decision to participate in the U.S. Department of Treasury Capital Purchase Program (CPP) for healthy institutions.
"We are committed to leveraging the CPP funds and investing in our communities, thus strengthening the local economy," said Steven R. Lewis, President and CEO.
First Place intends to use the Treasury Capital Purchase Program to help the flow of capital into local communities. Several new lending programs will be rolled out over the next several weeks, including the following:
Builders First -- In order to assist local builders who are finding themselves with a higher inventory of unsold spec or model homes, First Place has designed the Builders First Loan Program. The program offers customers purchasing spec or model homes a 30-year fixed-rate loan of 3.99 percent and a $300 discount on closing costs. "By offering this special program, our local builders may gain an edge in the market and get their homes sold faster. Buyers can get a home with the latest features and amenities at a fixed, affordable rate," said Bruce Wenmoth, CEVP Retail Lending.
Community First -- First Place has designated $10 million to invest in targeted low- and moderate- income neighborhoods. Participating areas include Trumbull, Mahoning, Portage, Cuyahoga, Lorain, Delaware and Franklin Counties in Ohio; and Genesee, Oakland, Macomb and Wayne Counties in Michigan. The product offers a 30-year fixed rate with a quarter percent rate reduction and $500 off closing costs. In addition, the program offers additional funding up to $20,000 to be used for home improvements. "This program is designed to support homebuyers investing in targeted communities, while providing them with the additional funds they may need to improve the properties they are purchasing," noted Wenmoth.
Buyers First -- In an effort to reduce the bank's inventory of foreclosed properties, the Buyers First Program provides a 1 percent rate discount on current interest rates. Customers can get a listing of First Place properties at www.FirstPlaceBank.com.
"As we come off of two of our largest loan production months ever, we continue to be committed to helping local residents who need to buy or sell a home, and that's why we're offering these special programs," stated Lewis. "As a community bank, we believe that one of the most important investments we can make is with people in communities where we live and work," he concluded.
First Place Lending Facts:
* Number one mortgage lender in Mahoning, Trumbull and Portage Counties, and among the top five in Lorain and Cuyahoga. * Refinanced nearly 1800 mortgage loans in January and February with an average savings of $250 and $3000 a year, pumping $5.4 million of disposable income back into the local economy per year. * Ranked number 12 for SBA Lending in northeast Ohio, among 75 lenders. * Chosen by Fannie Mae as one of 5 lenders nationally to participate in their HomePath Mortgage program for foreclosed properties.
About First Place Financial Corp.
First Place Financial Corp. is a $3.4 billion financial services holding company based in Warren, Ohio. First Place Financial Corp. operates 44 retail locations, 2 business financial service centers and 18 loan production offices through the First Place Bank and the Franklin Bank divisions of First Place Bank. Additional affiliates of First Place Financial Corp. include First Place Holdings, Inc., the holding company for the Company's nonbank affiliates including First Place Insurance Agency, Ltd.; Coldwell Banker First Place Real Estate, Ltd.; TitleWorks Agency, LLC, APB Financial Group, Ltd. and American Pension Benefits, Inc. Information about First Place Financial Corp. may be found on the Company's Web site: www.firstplacebank.com.