First Place Bank is headquartered in Warren and is the 11st largest bank in the state of Ohio. It is also the 292nd largest bank in the nation. It was established in 1949 and as of September of 2013, it had grown to 741 employees at 43 locations. First Place Bank has a B health rating.
Dave Stellin was recommended to me by my real estate agent. Dave Stellin ran the numbers through his spread sheet and dismissed me out of hand. He did not return my call for a week and told me he worked on commission for closing loans, "I don't get paid to tell you no" He would not even give me an amount that I would need down to make the deal work. Very dissapointed.
On Thursday, 6/7/12 I tried to cash my paycheck at the First Place Bank located in Northville, MI. I had my drivers license, several other pieces of identification and a company credit card with my name on it. The woman at the counter, Kathy, told me that they would not cash the check due to the fact that I did not have an account with them. I was surprised to hear this, I figured that they would have some sort of fee, but did not expect that they would not honor a check from their own location and from a local account. The paycheck was from a company that has the account with the Northville branch, and is only three miles away from them. I asked her to call and verify with my employer that I had just picked up my paycheck and she refused. Why anyone would bank with this type of place is beyond me. I was in need of cash to pick up some prescriptions and did not want to wait for the paycheck to clear my regular bank. Since my company does not offer direct deposit I thought this would be the fastest route to cashing my paycheck. After being refused service, I took the check to my bank and explained to the manager what had occurred. Not only did they say that they had never heard of this before, they cashed my check on the spot and allowed me to do what I needed to do. You will notice I did not name my bank, as this is not an ad for them, this is just my way of letting people know the First Place Bank is really second rate.
Three months into a refi process that should have taken 2 weeks. Involves one dealyed clsing and two bank cancelled clsings. Most issues involve unwarranted requests for insurance coverages or loss payees. For example they are insisting on HO6 coverage of 20% when Fannie Mae regs clearly indicate that is no longer necessarily required under HO6SVC-2011-23.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 First Place Bank had $76.48 million in non-current loans and owned real-estate with $319.34 million in equity and loan loss allowances on hand to cover it. This gives First Place Bank a Texas Ratio of 23.95% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for First Place Bank decreased dramatically from 60.33% as of September 30, 2012 to 23.95% as of September 30, 2013, resulting in a positive change of 60.31%.This indicates that the balance sheet and financial strength for First Place Bank has improved dramatically in recent periods.
In the past year, First Place Bank has decreased its total deposits by -$274.04 million, resulting in -12.88% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth First Place Bank has shown is poor.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. First Place Bank has $2.5 billion in assets with $319.34 million in equity, resulting in a capitalization level of 12.78%, which is excellent.
|FDIC Certificate #||34657|
|Assets and Liabilities|
|Equity Capital||$312.45 million|
|Loan Loss Allowance||$6.88 million|
|Unbacked Noncurrent Loans||$60.52 million|
|Real Estate Owned||$15.95 million|
|Historic Data - September 2012|
|Equity Capital||$161.03 million|
|Loan Loss Allowance||$69.66 million|
|Unbacked Noncurrent Loans||$60.52 million|
|Real Estate Owned||$20.61 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.52%|
|Return on Assets||1.06%|
|Return on Equity||10.1%|
|Interest Income||$65.48 million|
Always verify rates and promotions with the bank or credit union. We are not First Place Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.90%||$500||-||60 - 71 Month CD|
|0.90%||$500||-||72 Month CD|
|0.70%||$500||-||48 - 59 Month CD|
|0.55%||$500||-||36 - 47 Month CD|
|0.45%||$500||-||30 - 35 Month CD|
|0.35%||$500||-||24 - 29 Month CD|
|0.30%||$1k||-||20 Month CD|
|0.25%||$500||-||18 - 23 Month CD|
|0.20%||$500||-||12 - 17 Month CD|
|0.15%||$100k||-||7 - 31 Day CD|
|0.15%||$1k||-||32 - 89 Day CD|
|0.15%||$1k||-||90 - 179 Day CD|
|0.15%||$1k||-||180 - 364 Day CD|
|0.90%||$500||-||60 - 71 Month IRA|
|0.90%||$500||-||72 Month IRA|
|0.70%||$500||-||48 - 59 Month IRA|
|0.55%||$500||-||36 - 47 Month IRA|
|0.45%||$500||-||30 - 35 Month IRA|
|0.35%||$500||-||24 - 29 Month IRA|
|0.30%||$1k||-||20 Month IRA|
|0.25%||$500||-||18 - 23 Month IRA|
|0.20%||$500||-||12 - 17 Month IRA|
|0.15%||$100k||-||7 - 31 Day IRA|
|0.15%||$1k||-||32 - 89 Day IRA|
|0.15%||$1k||-||90 - 179 Day IRA|
|0.15%||$1k||-||180 - 364 Day IRA|