Press Release - July 19, 2010
For immediate release
FIRST FEDERAL OF LAKEWOOD ADDS THREE NEW LENDING OFFICES
The 75-year-old bank further expands its lending division with the opening of offices in Canton, Mentor and Toledo.
LAKEWOOD, Ohio – July 19, 2010 – First Federal of Lakewood, a Lakewood, Ohio-based financial institution, has announced the opening of three residential lending offices in Canton, Mentor and Toledo, Ohio further expanding its presence in Ohio.
The new offices are part of the growth strategy that First Federal began with the opening of the Columbus and Solon lending offices in March 2008. Since launching the residential lending network, the number of First Federal mortgage loan originators has more than tripled. In addition, First Federal achieved record loan volume in 2009, and is in position to surpass this mark in 2010.
“First Federal of Lakewood’s Strategic plan has yielded significant growth and results, and we continue to seek additional opportunities,” said Gary R. Fix, First Federal of Lakewood President and CEO. “In 2008, when other financial institutions were exiting the mortgage lending business because of the state of the economy, we made the decision to invest in highly talented mortgage professionals, and execute a sound strategy that leveraged the bank’s core competency of residential lending.” Fix added that, “According to current Marketrac figures, First Federal is the number four residential lender of purchase and refinance loans in its primary market of Cuyahoga and Lorain counties.”
First Federal Lending Canton, located at 4238 Dressler Road, Northwest, will be managed by Mike Stoffer. Stoffer has more than 24 years of mortgage lending experience, and was most recently the founder and president of Stoffer Mortgage Inc., in Canton.
First Federal Lending Mentor, located at 7324 Center Street, Mentor, Ohio, will be managed by Sharon Gerber. Gerber has over 35 years of residential lending experience, and joins First Federal from Bank of America.
First Federal Lending Toledo, located at 624 W. South Boundary, Suite A, in Perrysburg, Ohio, will be managed by Edwin Rivera. Rivera has 25 years of residential lending experience in the Toledo market, and most recently worked at Bank of America.
About First Federal of Lakewood
First Federal of Lakewood offers a full array of retail and business products through 13 full-service branch locations in Northeast Ohio and six First Federal Lending offices throughout Ohio, with total assets exceeding $1.2 billion. Founded in 1935, First Federal of Lakewood is a community savings and loan institution with a deep-rooted tradition of financial strength, stability and integrity. Visit www.FFL.net for additional information.
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