First Place Financial Corp., the holding company of First Place Bank, has filed for Chapter 11 bankruptcy in Delaware and announced Monday an early agreement with Michigan-based Talmer Bancorp, which offered an initial bid of $45 million for the company's stock.


The announcement comes after years of failure to file accurate quarterly and annual earnings statements with regulators and a listing balance sheet fraught with impaired real-estate loans, mainly stemming from a Michigan portfolio where the mortgage market took a deep hit during the financial crisis.

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