Press Release - December 21, 2010
For immediate release
FIRST FEDERAL OF LAKEWOOD COMPLETES ACQUISITION OF CENTURY BANK, GROWS TO 18 BRANCHES IN GREATER CLEVELAND Forms the third largest bank headquartered in Greater Cleveland
LAKEWOOD, Ohio — Dec. 21, 2010 — First Federal of Lakewood announced today that it completed the acquisition of Century Bank, which was headquartered in Parma, Ohio. Under the terms of the agreement Century Bank will be merged into First Federal of Lakewood.
The combined community bank now has total assets of $1.3 billion with 18 full-service branch locations in Cuyahoga, Lake, Lorain and Medina Counties, five First Federal Lending offices in Ohio, and more than 275 employees. The acquisition makes it the third largest bank headquartered in Greater Cleveland based on deposits. First Federal of Lakewood retained all senior management positions and its directors retained all Board seats.
While the banks have officially merged, the full integration will be phased in during the coming months. From the customers’ perspective, they will see that Century Bank is now identified as a division of First Federal of Lakewood, and the full line of First Federal of Lakewood loan products are now available at each Century Bank branch.
“As a result of this merger, we have built an even stronger community bank that is well capitalized, locally managed and able to offer its customers a wide variety of quality products and services,” said Gary R. Fix, president and CEO of First Federal of Lakewood. “I am pleased to announce this acquisition, on behalf of both institutions.”
“We have remained committed to our customers, employees and the communities we serve for more than 75 years, and look forward to welcoming Century Bank’s customers and employees into the First Federal of Lakewood family,” added Mr. Fix. “While this acquisition makes First Federal of Lakewood the third largest bank headquartered in Greater Cleveland, we will continue to embrace our community bank roots and the core values that have helped us to grow and prosper since 1935.”
The merger plans include the retention of all branch locations, including Century Bank’s former main office in Parma, and branch offices in Garfield Heights, North Royalton, Brunswick and Concord. Mr. Fix added, “I am particularly proud of the fact that we were able to make job offers to each of Century Bank’s 34 employees, especially during such difficult economic times.”
About First Federal of Lakewood
First Federal of Lakewood offers a full array of retail and business products through 18 full-service branch locations in Northeast Ohio and five First Federal Lending offices throughout Ohio, with total assets exceeding $1.3 billion. Founded in 1935, First Federal of Lakewood is a community bank with a deep-rooted tradition of financial strength, stability and integrity. Visit www.FFL.net for additional information.
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