A Cleveland Landmark Turns 75

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CLEVELAND, May 2, 2013 (GLOBE NEWSWIRE) -- On Tuesday, May 7, 2013, Third Federal (Nasdaq:TFSL) celebrates its golden anniversary at the corner of Broadway and Forman avenues in Slavic Village – the same location where the bank was founded 75 years ago, and where its headquarters stands today.

The company kicks off a summer of celebrations for its customers and its associates at all of its 47 branches in Ohio and Florida, thanking customers, associates, and the communities it serves, beginning on Tuesday at Third Federal's main office, 7007 Broadway Avenue. A schedule of branch events can be found on the company's website at www.thirdfederal.com/75

Third Federal was started by Ben and Gerome Stefanski, who applied for the bank's charter on their honeymoon in 1938. Their son, Chairman and CEO Marc A. Stefanski, grew the company from a $2 billion local Cleveland Savings and Loan in 1987 into today's $11.1 billion regional thrift with branch offices in Ohio and Florida and first mortgage lending in 14 states.

"We are just as committed to our customers, our communities and our associates today as we were when my parents started the company in 1938," said Chairman and CEO Marc A. Stefanski. "As we celebrate our 75th anniversary, we thank those who have made us who we are today and look forward to serving our communities for another 75 years and beyond."

The bank acts on a value system of love, trust, respect, a commitment to excellence and having fun. It has a commitment to providing the best rates on savings products and residential loans, and is a company focused on efficiency and value. In its 75-year history, there have never been layoffs and turnover is less than 3.5 percent.

As the only bank headquartered in the inner city of Cleveland, Third Federal continues to expand its commitment to the Slavic Village through its Third Federal Foundation, works with more than 75 different groups and has donated more than $10 million to the neighborhood and Northeast Ohio. On May 15, Third Federal will officially break ground on a new housing development, Trailside Slavic Village, adjacent to its headquarters.

The company also extends its support to groups in the other communities where it has branch offices, working through partners to help people who face obstacles to financial independence. In Cincinnati, Third Federal's work with community partners includes: Home Ownership Center of Greater Cincinnati, Working-In-Neighborhoods (WIN, Inc.); in Columbus: Mid-Ohio Regional Planning Commission (MORPC), and Columbus Housing Partnership (Homeport); and in Florida, partnering with programs like Renaissance Development, CredAbility in Palm Beach County, and Hillsborough County respectively, strengthens the bank's commitment to all of the communities it serves.

Unique facts about Third Federal:

  • Ben and Gerome Stefanski were entrusted with the $50,000 in start-up money for Third Federal from the primarily Polish and Czech neighborhood of Slavic Village, a Southeastern neighborhood of Cleveland
  • Third Federal was named to the Fortune magazine100 Best Companies list each of the four years it entered (2001, 2002, 2003, 2004). After 2004, Fortune changed its parameters to only include those companies with 1000 or more employees.
  • More than 20 percent of Third Federal associates have been with the company 20 or more years.
  • In the last two years, nearly 200 people have been hired by the company.
CONTACT: Jennifer Rosa, Third Federal, 216-429-5037

Source: Third Federal Savings and Loan