First Place Financial 8-K First Place Financial Corp. Announces Additional Other-Than-Temporary

Exhibit 99.1

For Release: August 19, 2008	For Further Information:
	Steven R. Lewis, President & CEO
	David W. Gifford, CFO
	(330) 373-1221

First Place Financial Corp. Announces Additional Other-Than-Temporary

Impairment for June 30, 2008 and Updates Earnings

Warren, Ohio – August 19, 2008 – On July 19, 2008, First Place Financial Corp. (Nasdaq: FPFC), the Company, issued a press release announcing its financial results for the three months and the year ended June 30, 2008. At that time the Company indicated that it was in the process of gathering additional information on Fannie Mae to determine if the impairment of Fannie Mae preferred stock we owned was other-than-temporarily impaired. The impairment of Fannie Mae stock was found to be other-than-temporary and as a result of that and other changes net income for the three months ended June 30, 2008 has been changed and is $2.914 million compared with $2.916 million as previously reported. Net income for the year ended June 30, 2008 has been changed and is $10.790 million compared with $10.792 million as previously reported

Since the Company’s earnings were originally reported on July 19, 2008, Fannie Mae released earnings for the quarter ended June 30, 2008 and Congress, with the approval of the President, has enacted a new law concerning financial support of Fannie Mae by the Federal Reserve Bank System. Based on these events, we have determined that the $1.275 million of impairment of Fannie Mae preferred stock at June 30, 2008 was other than temporary in nature. Therefore, we have recorded an additional other-than-temporary impairment charge of $1.275 million in net income for the three months and the year ended June 30, 2008. In addition, there was a reduction of $1.405 million in income tax expense and a reduction of $0.132 million in net gains on sale of securities. The reduction in income tax expense was due to the impact of the impairment on pretax earnings and a reduction in the effective tax rate during the fourth quarter resulting from a lower level of pretax earnings for the year than had been anticipated in prior quarters.

Pages three through six of this release are updated consolidated statements of income, financial condition and financial highlights reflecting the changes discussed above.

As of the close of business on August 18, 2008, the Company has experienced an additional $4.8 million impairment since June 30, 2008 on Fannie Mae preferred stock. When the Company reports earnings for the three months ended September 30, 2008 we will review any impairment that exists at that time and make a determination whether it is temporary or other-than-temporary.

About First Place Financial Corp.

First Place Financial Corp. is a $3.3 billion financial services holding company based in Warren, Ohio. First Place Financial Corp. operates 45 retail locations, 2 business financial service centers and 20 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 Insurance Agency, Ltd.; Coldwell Banker First Place Real Estate, Ltd.; TitleWorks Agency, LLC and APB Financial Group, Ltd., an employee benefit consulting firm and specialist in wealth management services for businesses and consumers. Information about First Place Financial Corp. may be found on the Company’s web site:www.firstplacebank.com.

1

Explanation of Certain Non-GAAP Measures

This press release contains certain financial information determined by methods other than in accordance with Generally Accepted Accounting Principles (GAAP). Specifically, we have provided financial measures that are based on core earnings rather than net income. Ratios and other financial measures with the word “core” in their title were computed using core earnings rather than net income. Core earnings excludes merger, integration and restructuring expense; extraordinary income or expense; income or expense from discontinued operations; and income, expense, gains and losses that are not reflective of ongoing operations or that we do not expect to reoccur. Similarly, core noninterest expense or core noninterest income exclude the pretax impact of those same items that impact noninterest income or noninterest expense. We believe that this information is useful to both investors and to management and can aid them in understanding the Company’s current performance, performance trends and financial condition. While core earnings can be useful in evaluating current performance and projecting current trends into the future, we do not believe that core earnings are a substitute for GAAP net income. We encourage investors and others to use core earnings as a supplemental tool for analysis and not as a substitute for GAAP net income. Our non-GAAP measures may not be comparable to the non-GAAP measures of other companies. In addition, future results of operations may include nonrecurring items that would not be included in core earnings. A reconciliation from GAAP net income to the non-GAAP measure of core earnings is shown in the consolidated financial highlights on page nine.

Forward-Looking Statements

When used in this press release, or future press releases or other public or shareholder communications, in filings by the Company with the Securities and Exchange Commission or in oral statements made with the approval of an authorized executive officer, words or phrases such as “will likely result,” “expect,” “will continue,” “anticipate,” “estimate,” “project,” “believe,” “should,” “may,” “will,” “plan,” variations of such terms or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Company’s actual results to be materially different from those indicated. Such statements are subject to certain risks and uncertainties including changes in economic conditions in the market areas the Company conducts business, which could materially impact credit quality trends, changes in laws, regulations or policies of regulatory agencies, fluctuations in interest rates, demand for loans in the market areas the Company conducts business, and competition, that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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FIRST PLACE FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended June 30,					Percent Change		Year ended June 30,					Percent Change
(Dollars in thousands, except share data)	2008			2007				2008			2007
Interest income	$	44,860		$	47,739	(6.0	)%	$	189,672		$	186,464	1.7	%
Interest expense		21,999			25,885	(15.0	)		102,046			99,459	2.6
Net interest income		22,861			21,854	4.6			87,626			87,005	0.7
Provision for loan losses		4,631			3,176	45.8			16,467			7,391	122.8
Net interest income after provision for loan losses		18,230			18,678	(2.4	)		71,159			79,614	(10.6	)
Noninterest income
Service charges on deposit accounts		2,140			1,987	7.7			8,346			6,436	29.7
Net gains on sale of securities		5			346	(98.6	)		742			430	72.6
Impairment of securities		(2,711	)		—	N/M			(8,611	)		—	N/M
Mortgage banking gains		2,398			1,737	38.1			9,257			7,240	27.9
Gain on sale of loan servicing rights		—			107	N/M			1,961			107	N/M
Loan servicing income		317			279	13.6			50			1,232	(95.9	)
Other income – bank		1,778			1,686	5.5			6,747			7,066	(4.5	)
Insurance commission income		900			1,055	(14.7	)		3,630			3,633	(0.1	)
Other income – non-bank		1,297			1,888	(31.3	)		4,843			6,144	(21.2	)
Total noninterest income		6,124			9,085	(32.6	)		26,965			32,288	(16.5	)
Noninterest expense
Salaries and employee benefits		10,156			8,625	17.8			40,875			35,951	13.7
Occupancy and equipment		3,513			2,989	17.5			13,140			11,577	13.5
Professional fees		627			852	(26.4	)		2,781			3,010	(7.6	)
Loan expenses		641			489	31.1			2,117			2,121	(0.2	)
Marketing		558			786	(29.0	)		2,684			2,535	5.9
Merger, integration & restructuring		451			749	(39.8	)		1,241			749	65.7
State and local taxes		175			451	(61.2	)		897			1,239	(27.6	)
Amortization of intangible assets		1,019			1,118	(8.9	)		4,346			4,321	0.6
Real estate owned expense		894			186	380.6			3,584			726	393.7
Other expense		3,175			3,197	(0.7	)		12,400			11,967	3.6
Total noninterest expense		21,209			19,442	9.1			84,065			74,196	13.3
Income before income tax expense		3,145			8,321	(62.2	)		14,059			37,706	(62.7	)
Income tax expense		231			2,696	(91.4	)		3,269			12,082	(73.0	)
Net income	$	2,914		$	5,625	(48.2	)	$	10,790		$	25,624	(57.9	)
SHARE DATA:
Basic earnings per share	$	0.18		$	0.33	(45.5	)%	$	0.67		$	1.51	(55.6	)%
Diluted earnings per share	$	0.18		$	0.33	(45.5	)	$	0.67		$	1.49	(55.0	)
Cash dividends per share	$	0.170		$	0.155	9.7		$	0.665		$	0.605	9.9
Average shares outstanding – basic		15,986,481			16,934,216	(5.6	)		16,132,198			16,954,804	(4.9	)
Average shares outstanding – diluted		15,992,275			17,105,823	(6.5	)		16,195,704			17,171,684	(5.7	)

N/M – Not meaningful

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FIRST PLACE FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	June 30, 2008		Mar. 31, 2008		Dec. 31, 2007		Sept. 30, 2007		June 30, 2007
(Dollars in thousands)	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
ASSETS
Cash and due from banks	$	59,483	$	52,351	$	47,268	$	54,866	$	77,226
Interest-bearing deposits in other banks		4,151		5,049		13,583		19,496		9,989
Fed funds sold		5,608		—		—		—		—
Securities available for sale		284,433		275,519		267,709		268,610		285,242
Loans held for sale		72,341		85,372		72,547		60,646		96,163
Loans
Mortgage and construction		1,015,010		1,018,083		1,081,719		1,095,060		1,079,788
Commercial		1,234,130		1,212,947		1,173,115		1,070,159		1,046,893
Consumer		399,637		384,629		393,383		383,229		381,011
Total loans		2,648,777		2,615,659		2,648,217		2,548,448		2,507,692
Less allowance for loan losses		28,216		28,874		26,360		26,165		25,851
Loans, net		2,620,561		2,586,785		2,621,857		2,522,283		2,481,841
Federal Home Loan Bank stock		35,761		34,523		34,100		33,209		33,209
Premises and equipment, net		40,089		50,902		51,568		46,415		45,639
Premises and equipment held for sale, net		13,555		—		—		—		—
Goodwill		93,626		91,978		91,835		91,692		91,692
Core deposit and other intangibles		13,573		13,998		15,108		15,587		16,678
Other assets		97,865		92,507		88,699		89,791		88,534
Total assets	$	3,341,046	$	3,288,984	$	3,304,274	$	3,202,595	$	3,226,213
LIABILITIES
Deposits
Noninterest-bearing checking	$	248,851	$	227,994	$	228,019	$	226,710	$	242,068
Interest-bearing checking		159,874		155,941		157,742		145,925		154,941
Savings		475,835		453,609		432,644		403,630		390,462
Money market		359,801		362,711		391,027		394,748		404,248
Certificates of deposit		1,124,731		1,128,340		1,090,411		1,060,222		1,048,977
Total deposits		2,369,092		2,328,595		2,299,843		2,231,235		2,240,696
Short-term borrowings		197,100		150,214		222,471		224,736		195,249
Long-term debt		424,374		464,371		436,518		384,450		397,914
Other liabilities		31,513		32,106		33,353		39,466		66,167
Total liabilities		3,022,079		2,975,286		2,992,185		2,879,887		2,900,026
SHAREHOLDERS’ EQUITY		318,967		313,698		312,089		322,708		326,187
Total liabilities and shareholders’ equity	$	3,341,046	$	3,288,984	$	3,304,274	$	3,202,595	$	3,226,213

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FIRST PLACE FINANCIAL CORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

	As of or for the three months ended											As of or for the year ended June 30,
(Dollars in thousands except per share data)	6/30/08 4th Qtr FY 2008			3/31/08 3rd Qtr FY 2008		12/31/07 2nd Qtr FY 2008		9/30/07 1st Qtr FY 2008		6/30/07 4th Qtr FY 2007
												2008		2007
EARNINGS (GAAP)
Tax equivalent net interest income	$	23,241		22,246		21,930		21,746		22,211		89,163		88,451
Net interest income	$	22,861		21,835		21,558		21,372		21,854		87,626		87,005
Provision for loan losses	$	4,631		4,680		5,195		1,961		3,176		16,467		7,391
Noninterest income	$	6,124		9,936		714		10,191		9,085		26,965		32,288
Noninterest expense	$	21,209		19,972		22,455		20,429		19,442		84,065		74,196
Net income (loss)	$	2,914		4,769		(3,147	)	6,254		5,625		10,790		25,624
Basic earnings (loss) per share	$	0.18		0.30		(0.20	)	0.38		0.33		0.67		1.51
Diluted earnings (loss) per share	$	0.18		0.30		(0.20	)	0.38		0.33		0.67		1.49
PERFORMANCE RATIOS(annualized)(GAAP)
Return on average assets		0.36	%	0.59	%	(0.39	)%	0.78	%	0.72	%	0.33	%	0.83	%
Return on average equity		3.75	%	6.11	%	(3.93	)%	7.72	%	6.84	%	3.40	%	7.92	%
Return on average tangible assets		0.37	%	0.61	%	(0.40	)%	0.81	%	0.75	%	0.34	%	0.86	%
Return on average tangible equity		5.66	%	9.25	%	(5.91	)%	11.60	%	10.15	%	5.13	%	11.71	%
Net interest margin, fully tax equivalent		3.13	%	2.98	%	2.92	%	2.94	%	3.07	%	2.99	%	3.11	%
Efficiency ratio		72.23	%	62.06	%	99.17	%	63.97	%	62.12	%	72.39	%	61.45	%
Noninterest expense as a percent of average assets		2.60	%	2.45	%	2.76	%	2.55	%	2.49	%	2.59	%	2.41	%
RECONCILIATION OF NET INCOME TO CORE EARNINGS
GAAP net income (loss)	$	2,914		4,769		(3,147	)	6,254		5,625		10,790		25,624
Merger, integration and restructuring, net of tax	$	293		—		514		—		487		807		487
Core earnings (loss)	$	3,207		4,769		(2,633	)	6,254		6,112		11,597		26,111
CORE EARNINGS
Core earnings	$	3,207		4,769		(2,633	)	6,254		6,112		11,597		26,111
Basic core earnings (loss) per share	$	0.20		0.30		(0.16	)	0.38		0.36		0.72		1.54
Core diluted earnings (loss) per share	$	0.20		0.30		(0.16	)	0.38		0.36		0.72		1.52
CORE PERFORMANCE RATIOS(annualized)
Core return on average assets		0.39	%	0.59	%	(0.32	)%	0.78	%	0.78	%	0.36	%	0.85	%
Core return on average equity		4.13	%	6.11	%	(3.28	)%	7.72	%	7.44	%	3.66	%	8.07	%
Core return on average tangible assets		0.41	%	0.61	%	(0.33	)%	0.81	%	0.81	%	0.37	%	0.88	%
Core return on average tangible equity		6.23	%	9.25	%	(4.94	)%	11.60	%	11.03	%	5.52	%	11.93	%
Core net interest margin, fully tax equivalent		3.13	%	2.98	%	2.92	%	2.94	%	3.07	%	2.99	%	3.11	%
Core efficiency ratio		70.69	%	62.06	%	95.68	%	63.97	%	59.73	%	71.32	%	60.83	%
Core noninterest expense as a percent of average assets		2.55	%	2.45	%	2.66	%	2.55	%	2.39	%	2.55	%	2.38	%

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FIRST PLACE FINANCIAL CORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands except per share data)	As of or for the three months ended											As of or for the year ended June 30,
	6/30/08 4th Qtr FY 2008			3/31/08 3rd Qtr FY 2008		12/31/07 2nd Qtr FY 2008		9/30/07 1st Qtr FY 2008		6/30/07 4th Qtr FY 2007
												2008		2007
CAPITAL
Equity to total assets at end of period		9.55	%	9.54	%	9.45	%	10.08	%	10.11	%	9.55	%	10.11	%
Tangible equity to tangible assets		6.55	%	6.53	%	6.42	%	6.96	%	6.99	%	6.55	%	6.99	%
Book value per share	$	18.79		19.11		19.01		19.24		18.92		18.79		18.92
Tangible book value per share	$	12.48		12.65		12.50		12.85		12.64		12.48		12.64
Period-end market value per share	$	9.40		13.00		13.99		17.70		21.12		9.40		21.12
Dividends declared per common share	$	0.170		0.170		0.170		0.155		0.155		0.665		0.605
Common stock dividend payout ratio		94.44	%	56.67	%	N/M		40.79	%	46.97	%	99.25	%	40.60	%
Period-end common shares outstanding (000)		16,973		16,418		16,416		16,770		17,236		16,973		17,236
Average basic shares outstanding (000)		15,986		15,969		16,096		16,475		16,934		16,132		16,955
Average diluted shares outstanding (000)		15,992		15,999		16,096		16,590		17,106		16,196		17,172
ASSET QUALITY
Net charge-offs	$	5,434		2,165		5,254		1,647		1,169		14,500		3,859
Annualized net charge-offs to average loans		0.85	%	0.33	%	0.80	%	0.26	%	0.19	%	0.56	%	0.16	%
Nonperforming loans (NPLs)	$	50,722		57,480		46,322		36,832		33,962		50,722		33,962
NPLs as a percent of total loans		1.91	%	2.20	%	1.75	%	1.45	%	1.35	%	1.91	%	1.35	%
Nonperforming assets (NPAs)	$	74,417		70,692		55,914		46,848		40,678		74,417		40,678
NPAs as a percent of total assets		2.23	%	2.15	%	1.69	%	1.46	%	1.26	%	2.23	%	1.26	%
Allowance for loan losses	$	28,216		28,874		26,360		26,165		25,851		28,216		25,851
Allowance for loan losses as a percent of loans		1.07	%	1.10	%	1.00	%	1.03	%	1.03	%	1.07	%	1.03	%
Allowance for loan losses as a percent of NPLs		55.63	%	50.23	%	56.91	%	71.04	%	76.12	%	55.63	%	76.12	%
MORTGAGE BANKING
Mortgage originations	$	333,000		335,700		282,400		330,700		356,300		1,281,800		1,120,200
Mortgage banking gains	$	2,398		3,938		1,065		1,856		1,737		9,257		7,240
Mortgage servicing portfolio	$	1,425,915		1,357,944		1,228,283		1,062,742		2,095,607		1,425,915		2,095,607
Mortgage servicing rights	$	14,272		13,402		11,721		10,876		20,785		14,272		20,785
Mortgage servicing rights valuation (loss) recovery	$	(100	)	(145	)	(305	)	—		70		(550	)	111
Mortgage servicing rights / Mortgage servicing portfolio		1.00	%	0.99	%	0.95	%	1.02	%	0.99	%	1.00	%	0.99	%
END OF PERIOD BALANCES
Assets	$	3,341,046		3,288,984		3,304,274		3,202,595		3,226,213		3,341,046		3,226,213
Deposits	$	2,369,092		2,328,595		2,299,843		2,231,235		2,240,696		2,369,092		2,240,696
Shareholders’ equity	$	318,967		313,698		312,089		322,708		326,187		318,967		326,187
Tangible shareholders’ equity	$	211,768		207,722		205,146		215,429		217,817		211,768		217,817
AVERAGE BALANCES
Loans	$	2,584,075		2,625,799		2,613,435		2,551,278		2,503,590		2,593,585		2,435,203
Loans held for sale	$	84,488		74,675		60,112		82,538		93,719		75,431		103,731
Earning assets	$	2,990,206		3,007,062		2,989,442		2,939,959		2,898,204		2,983,417		2,844,184
Assets	$	3,277,762		3,276,830		3,236,941		3,185,983		3,134,562		3,244,182		3,080,945
Deposits	$	2,330,860		2,323,244		2,279,620		2,225,830		2,193,083		2,289,632		2,117,703
Shareholders’ equity	$	312,476		313,888		318,909		322,372		329,652		316,934		323,575
Tangible shareholders’ equity	$	207,018		207,400		211,933		214,555		220,330		210,245		218,826

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