Question 1

What is Third Federal?

Accepted Answer

Third Federal is a leading savings and loan association headquartered in Cleveland, Ohio, with approximately $17.4 billion in assets and nearly 1,000 associates. The institution specializes in home mortgage lending and savings products, operating 37 full-service branches across Ohio and Florida.

As a publicly traded company on NASDAQ (symbol: TFSL), Third Federal is considered a mid-sized bank and is a member of the Mid-Sized Bank Coalition of America. The institution lends in 27 states plus the District of Columbia while maintaining its commitment to helping people achieve the dream of home ownership and financial security.

Question 2

When was Third Federal founded?

Accepted Answer

Third Federal Savings and Loan Association of Cleveland was founded on May 7, 1938, by Ben S. Stefanski and his wife, Gerome, during the Great Depression. The couple was so committed to creating a financial institution to serve their community that they applied for the federal charter during their honeymoon in Washington, D.C.

The institution opened its first office on Broadway Avenue in Cleveland's Slavic Village neighborhood with $50,000 in initial capital provided by members of the local community, many of whom were immigrant families from Poland and other parts of Eastern Europe. Wladyslaw J. Nowak, publisher of Monitor Clevelandski, served as Third Federal's first president, while Ben Stefanski began as secretary-treasurer and later became president by 1948.

Question 3

Where is Third Federal headquartered?

Accepted Answer

Third Federal is headquartered in Cleveland, Ohio, at 7007 Broadway Avenue in the Slavic Village neighborhood. The headquarters is a 250,000-square-foot complex of interconnected structures that has grown over the years as the company expanded.

Remarkably, the institution has remained headquartered in the same neighborhood where it was founded in 1938. The company built a new $20 million corporate center in the area in 1998, demonstrating its ongoing commitment to the community.

Question 4

Where does Third Federal operate?

Accepted Answer

Third Federal operates 21 full-service branches in Northeast Ohio, including the Cleveland-Elyria metropolitan area, plus one branch in Columbus and one in Cincinnati. In Florida, the institution operates 16 full-service branches throughout the state, primarily in the Tampa-St. Petersburg area and South Florida.

While Third Federal's physical presence is concentrated in Ohio and Florida, the institution provides mortgage lending services to homebuyers in 27 states plus the District of Columbia. The bank also maintains two mortgage loan offices in Central and Southern Ohio to serve customers beyond its branch footprint.

Question 5

What services does Third Federal offer?

Accepted Answer

Third Federal provides comprehensive savings and mortgage products with a focus on conventional home mortgages. Savings products include various account types designed to help customers build wealth for retirement and other financial goals. The bank offers personal checking accounts, certificates of deposit, money market accounts, and other deposit products.

The institution specializes in residential mortgage lending, including first-time homebuyer programs, and was the first institution in Cleveland to make a GI mortgage loan following World War II. Third Federal provides home buying seminars and consumer education to prepare potential homeowners for the responsibilities of home ownership beyond just affording a down payment.

Banking services include online and mobile banking, providing customers with 24/7 access to their accounts. Third Federal maintains a customer care call center at its Broadway Avenue headquarters to provide personalized support.

Question 6

What makes Third Federal unique?

Accepted Answer

Third Federal stands out for its unwavering commitment to its founding mission and community roots spanning over 85 years. Despite enormous growth from $50,000 in initial capital to over $17 billion in assets, the institution has never moved from the Cleveland neighborhood where it began, continuing to invest heavily in the Slavic Village community.

The institution has received Bauer Financial's prestigious 5-star rating for safety and soundness for more than 35 consecutive years, demonstrating exceptional financial stability. During the 2008 financial crisis, when Cleveland's Slavic Village became ground zero for the mortgage crisis, Third Federal stood strong without accepting government TARP funding, relying instead on its conservative lending practices and strong capital position. The institution has never engaged in subprime or risky mortgage lending.

Third Federal operates according to a distinctive value system of love (concern for others), trust, respect, commitment to excellence, and fun. The company created the Third Federal Foundation in 2007, which has donated millions of dollars to support educational, housing, and family-centered projects in its communities.

Question 7

What type of financial institution is Third Federal?

Accepted Answer

Third Federal is a Savings and Loan Association operating under federal charter with FDIC insurance. As a thrift institution, it focuses primarily on accepting savings deposits and making mortgage loans, staying true to its original 1938 mission of promoting home ownership.

The institution operates as Third Federal Savings and Loan Association of Cleveland, a subsidiary of TFS Financial Corporation, which became publicly traded on NASDAQ in 2007. Third Federal's business model emphasizes traditional savings and loan activities with a focus on conventional residential mortgages, distinguishing it from commercial banks that offer broader business banking services. The institution combines the stability and resources of a mid-sized financial institution with the personalized service and community commitment of its neighborhood banking roots.

Question 8

How has Third Federal maintained stability through economic challenges?

Accepted Answer

Third Federal's conservative approach to lending and strong capital position have been key to its longevity and stability. When the institution made a minority public offering in 2007, it raised nearly $1 billion in capital, which, combined with the $1 billion already accrued, positioned Third Federal to withstand the national economic crisis of 2008-2009.

Unlike many financial institutions that failed during this period, Third Federal thrived because it did not engage in subprime or risky mortgage lending. In 1989, the institution was designated as the best-run savings and loan in the country by the Federal Deposit Insurance Corporation. The institution has maintained its focus on conventional home mortgages and prudent underwriting standards throughout its 85-year history, resulting in a portfolio of customers who continued to pay their mortgages even during difficult economic times. This disciplined approach, combined with the leadership continuity under Marc Stefanski (who became CEO in 1987 after his father Ben's retirement), has enabled Third Federal to maintain its 5-star Bauer rating every quarter since 1988.

Third Federal

in the United States 🇺🇸

Crypto-Friendliness

All done!

About Third Federal in the United States