LAKEWOOD, Ohio, March 10, 2014 /PRNewswire/ -- First Federal Lakewood, the largest independent mutual bank headquartered in Ohio, is working with the Detroit Shoreway Community Development Organization, the neighborhood's non-profit development corporation, to expand its footprint into the City of Cleveland through a new full-service branch location in the Gordon Square Arts District, at 6610 Detroit Avenue, Cleveland 44102. The branch will open in Summer of 2014 and will serve as the first City of Cleveland location for the bank.
"First Federal Lakewood has a 79 year history of focused commitment to the residents, businesses and communities they serve and we're thrilled that they are bringing that community commitment to our neighborhood," said Jeff Ramsey, executive director of the Detroit Shoreway Community Development Organization. "First Federal Lakewood is already the largest residential mortgage lender in our neighborhood, and we know they're ready to help spur additional development and growth in our community."
"With assets of almost $1.5 billion, 18 full-service branch locations and 11 loan offices, First Federal Lakewood is the largest independent mutual bank headquartered in Ohio – so we have the strength it takes to support local communities," said Thomas J. Fraser, president and CEO of First Federal Lakewood. He continues, "With its commitment to revitalization, Gordon Square has become an economic hub and we are excited to introduce the residents and businesses in this neighborhood to mutual banking, which means when customers bank with us, they're fostering sustainability and growth in their community because their deposits stay close to home. Whether it's a mortgage loan for a neighbor or funding for a local business, our assets remain right in the communities where we all live and work."
Residents and businesses in the Gordon Square Arts District will benefit from the full spectrum of personal and business banking products and services offered by First Federal Lakewood, including a dedicated mortgage lending specialist; multilingual branch personnel and ATM services; and a commercial banking team that will deliver business banking expertise, products and services within a personalized, relationship-driven, community bank experience.
"First Federal Lakewood's decision to choose Gordon Square as its first home in the City of Cleveland is a source of pride for us," said Matt Zone, City of Cleveland Ward 15 Councilman. "First Federal Lakewood is a perfect fit for our neighborhood because they share our resolve for revitalization and our commitment to sustainable economic growth. By reinvesting funds right back into our neighborhood, First Federal Lakewood makes banking personal again, and I think that will resonate strongly with Detroit Shoreway residents and businesses."
About First Federal Lakewood
First Federal Lakewood is the largest independent mutual bank headquartered in Ohio with assets of nearly $1.5 billion. With 18 full-service branch locations and 11 loan offices throughout Ohio, First Federal Lakewood provides deposit, lending, residential mortgage lending, cash management and investment services to individuals and businesses. Since 1935, First Federal Lakewood has been a stable community owned bank committed to deploying funds that foster local economic growth. www.FFL.net
About Detroit Shoreway Community Development Organization
Detroit Shoreway Community Development Organization's vision is to act as a catalyst for community building resulting in a diverse, sustainable and desirable neighborhood in which to live, work, play and shop. Its mission and vision drive the organization daily in the projects and programs it develops and operates. DSCDO seeks to make this neighborhood the premier lakefront community in Northeast Ohio while also assisting low- to moderate-income individuals and families, creating a socially and economically diverse neighborhood.
SOURCE First Federal Lakewood