Third Federal Savings Today
Under the direction of Ben and Gerome Stefanski's son, Marc, who assumed the post of president and CEO in 1987, Third Federal now has assets of more than $12 billion and 1,000 associates. Today, it is a leading lender of conventional home mortgages and lends in 25 states, plus the District of Columbia. The company has branch offices in Ohio and Florida.
Third Federal continues to experience solid growth by controlling costs and constantly looking for new ways to improve service. Today, Third Federal is synonymous with personal service, stability, and sound financial management.
In 2007, Third Federal made a minority public offering that raised nearly $1 billion in capital. Those funds, added to the $1 billion of capital already accrued by the company, positioned Third Federal to withstand the latest national economic crisis—especially since the company did not engage in making subprime and other risky mortgage loans that were the basis of the recession.
The company retains its rich heritage by remaining headquartered in the same Cleveland neighborhood where it began. In addition to building a new $20 million corporate center in the area in 1998, the company created the Third Federal Foundation in 2007, which has donated millions of dollars to the area to support educational, housing, and other family-centered projects.
“My father grew up in this area, now known as Slavic Village, and my parents wanted to help maintain a viable, vibrant community built on the pride of home ownership,” says Marc Stefanski. “We've long been an important part of this neighborhood, and we remain committed to Cleveland, its neighborhoods, and suburbs.”
A close relationship with the communities, families and individuals it serves has always been a hallmark of Third Federal. Customers who walk into any branch today are greeted by a friendly hello from neighborhood associates. Marc Stefanski says that the savings and loan will never lose the personal touch that sets it apart from other financial institutions. Third Federal looks forward to providing its special brand of friendly, personal service to future generations of homebuyers in all of its markets.