First Place Financial Corp. in Warren, Ohio, is in danger of having its stock delisted for failing to file its last three quarterly financial statements with the Securities and Exchange Commission.
The $3.2 billion-asset company delayed filing the quarterly reports after it was ordered by the Office of Thrift Supervision to restate its earnings for its fiscal year that ended June 30, 2010. First Place initially reported a loss of $36 million for the year, but the OTS ordered the thrift to revise earnings after concluding that it had understated its allowance for loan losses.
Late Tuesday, First Place said that while it received a notice from the Nasdaq warning of a possible delisting, the thrift has requested that a decision be delayed until it can make its case before the exchange's Listings Qualifications Panel.
In a news release, First Place Chief Executive Officer Steven R. Lewis acknowledged that the review of the company's allowance for loan losses "has taken a considerable amount of time," but said that the process is complex and that his top priority is to "ensure that it is done correctly."
The company said that it expects to complete the review this summer and that intends to file the amended 10-K and its last three quarterly reports by Aug. 31 at the latest.