Press Release - March 24, 2010
For immediate release
FIRST FEDERAL OF LAKEWOOD CELEBRATES 75TH ANNIVERSARY
Savings and Loan to Host Branch Events April 2 and 3
LAKEWOOD, Ohio — March 24, 2010 —First Federal of Lakewood, the Lakewood, Ohio-based Savings and Loan, is celebrating 75 years serving Northeast Ohio, and marking the occasion by hosting community events at all 12 branch locations, Friday, April 2, and Saturday, April 3.
“We are proud to recognize this significant milestone for First Federal of Lakewood on behalf of our employees, customers and the communities we serve,” said Gary Fix, First Federal of Lakewood president and CEO. “I firmly believe our success over the past 75 years has been predicated on following the guiding principles and core values that were established at our founding, and that we remain well positioned for future success.”
First Federal of Lakewood History
First Federal of Lakewood was founded on Feb. 16, 1935, in the midst of The Great Depression and weathered numerous storms over the years. In the 1940s, First Federal adapted to the hardships caused by WWII and the subsequent recovery fueled by the quick and decisive end of the war. By the end of the 1940s assets grew to nearly $14 million.
From the 1950s to the 1980s, First Federal was a local leader, financing new construction and mortgage loans to help to develop Northeast Ohio communities. The bank also grew by expanding its branch network and investing in new technologies, products and customer services.
Over the last 25 years, First Federal experienced significant growth through a variety of initiatives. The bank expanded its branch network from four to 12, opened loan production offices in Columbus and Solon, and made significant investments to their residential and commercial lines of business. By the end of 2009, assets had grown to more than $1.2 billion.
First Federal achieved impressive financial results in 2009, particularly considering the difficult economic conditions. The bank achieved record loan production of $422 million, significantly increased market share in its core markets, earned a profit in every quarter and recently earned a four stars or “excellent” rating from BauerFinancial.
Event Information
To kick off the 75th anniversary celebration, each branch will feature refreshments, product specials, prizes, First Federal memorabilia and customer contests.
What: First Federal of Lakewood’s 75th Anniversary Celebration
When: Friday, April 2, 9 a.m. – 6 p.m. & Saturday, April 3, 9 a.m. – 1 p.m.
Where: All First Federal of Lakewood branches:
Avon, 36839 Detroit Rd.
Avon Lake, 32812 Walker Rd.
Brunswick, 1812 Pearl Rd.
Fairview Park, 22380 Lorain Rd.
Lakewood, 14806 Detroit Ave.
North Olmsted, 26614 Lorain Rd.
North Ridgeville, 34385 Center Ridge Rd.
Olmsted Township, 26908 Cook Rd.
Rocky River, 20425 Center Ridge Rd.
Strongsville, 14244 Pearl Rd.
Westlake/Crocker, 2035 Crocker Rd.
Westlake/Detroit, 24441 Detroit Rd.
The events are free and open to the public.
Fix said, “Our 75th anniversary events are First Federal’s way of celebrating this important milestone, expressing our appreciation for our customers’ support and reminding everyone that we mean it when we say…We’ve Been Here. We’ll Be Here.”
First Federal of Lakewood, with 12 full-service branch locations in Northeast Ohio and First Federal Lending offices in Columbus and Solon, Ohio, has 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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