First Federal Savings and Loan Association of Lakewood was founded in 1935 with a clear vision for the future --to grow stronger, to maintain stability, and to provide its customers with a complete portfolio of financial services.
Over seventy-five years later, First Federal Lakewood has become a model of consistency and growth in the banking industry. From its downtown Lakewood roots, First Federal Lakewood has expanded its reach throughout Cuyahoga, Lake, Lorain and Medina counties, providing friendly and convenient access at eighteen full-service branches and seven loan production offices.
While mergers, acquisitions and divestitures have affected many banking institutions, First Federal Lakewood remains focused and committed to the communities it serves.The hallmarks of First Federal Lakewood's success are prudent banking philosophies, innovative products, competitive rates, long-term customer relationships, and technological achievements. Looking to the future, First Federal Lakewood remains fully committed to customer service, community involvement, and financial stability.
First Federal Lakewood continues to set, and achieve, new milestones. As of 12/31/10, our total assets were $1.32 billion, our total deposits were $1.12 billion and we closed a record $502 million in loans. Also, we recorded net income of $3.3 million which marked our 12th consecutive quarter of net income since the beginning of the credit and financial crisis of 2007. We also increased our total capital to $131.5 million which, by regulatory definition, makes First Federal a "well capitalized company".