First Place Financial Corp. in Warren, Ohio, has deferred payments on its subordinated debt and preferred shares issued to the Treasury Department to save cash and comply with an enforcement action.
The $3.1 billion-asset company said in a regulatory filing Friday that it had $62 million of subordinated debentures and $73 million of stock issued to the Treasury as part of the Troubled Asset Relief Program.
A March supervisory agreement with the Office of Thrift Supervision bars First Place from paying dividends without permission.
The company said in the filing that it is also determining if it has recorded an appropriate loan-loss allowance.
First Place said in December that it would restate results for its fiscal year that ended June 30. At the time, it said it would likely increase the allowance for fiscal 2010 by $14 million.
On Friday it said the final amount would be higher.
The company said in previous regulatory filings that it hoped to come current with its quarterly and annual filings by April 30.
