My bank?

Submitted by lmcshane on Mon, 07/23/2007 - 17:35.

Third Federal will close it's downtown branch due to the decline in traffic.  Has any one on the Third Federal payroll noticed the orange barrels on Euclid? What does this decision say to any one who is holding their breath waiting for the completion of the Euclid Corridor project?  Come on Marc Stefanski and Third Federal.  You need to have a little more faith in your city and help with the comeback of residents downtown, who will be needing your downtown bank branch.  Don't make me beg.

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Best bank in NEO?

It is interesting that right now my wife needs to choose a bank to handle her long term financing for the house in East Cleveland, and her other finances, so we are shopping them out. Of course we are interested in price/rate, but we are also interested in working with a bank that understands the potentials of our property and neighborhood - a historic home in a transitional neighborhood of a distressed city we expect will rebound. We want a banbk and bankers who think like us, and care about our type of home and our specific neighborhood. We welcome any suggestions of a really great bank and banker... this can make a big difference in the outcome of a project like this. You can feel free to post here or email me. Thanks!

Disrupt IT

lenders with parallel interests

Norm, I think I'd do a mental inventory, first of all, on who might have interests parallel to or aligned with ours, who were interested in building a strong community here, locally.

 I'd look first for a lender that had its primary duty to the depositors and to the borrowers, not to the shareholders or to Wall Street. This first cut eliminates most of your national banks and forces you to look at community banks, credit unions, and private sources.

I'd look at the ratings and the financials, to see how strong they were. If they're not strong, they may do desparate things to change you from a prized customer to a profit center.

I'd try to make sure they had treated people decently in the past, and that they had a track record of non-predatory LOAN SERVICING. It's been our experience that many people are thrown into the briar patch of foreclosure unfairly, when their payments are mishandled or miscredited, and it's nearly impossible to escape the loop except through refinancing, at a higher rate because you have a poor payment record (that they may have caused), or through selling, or through letting them capture your equity in a foreclosure. For the most part, these are not nice people making a living in nice systems that serve the public in a fiduciary way. If they pop up in the newspapers too often as objects of lawsuits, you should probably steer clear of them.

I'd look to friendly loans from local sources, entities who thought preserving properties was a good thing and who recognized the intrinsic value of salvaging the treasure that exists in East Cleveland.

I'd also try to find a lender who could work quickly on-line to get through the qualification stage. Planners can sometimes source these for you.

Be aware of the way the intermediaries are paid, as well. Ask how much they get, and when. The higher the fees or commissions to the intermediaries, the more squirrely the relationship is over time. I hope this helps set your thinking onto the proper path.

Are you going to be at the CPL auditorium today for the hearing?

 

Third Federal

  Huntington Bank in Brooklyn Centre's Coral Group plaza will close on September 26th.  This is an opportunity for Third Federal Bank to open in the same location and appease the many seniors who resent the closing of the Professor/Tremont location.  Just a plea.  Third Federal happens to be my bank.  It would be nice if I could walk to my bank.

No fidelity

  B-A-N-K is the new bad four letter word in America.  Third Federal will NOT help our neighborhood with the closing of Huntington Bank. 

 

Third Federal's priority?  A new branch in Avon and new branch locations in Florida.  Apparently, Third Federal is a B-A-N-K. 

BANKs disinvest in cities

  What ever happened to enforcement of the CRA? How is it that banks can abandon service in the City of Cleveland with no recourse under the Community Reinvestment Act? 

Third Federal is now closing the City of CLEVELAND branch (in their words..."consolidating")and transferring the accounts there to the "new" PARMA branch on Snow Rd.  Tecnnically, this is not a consolidation as the Parma branch did not previously EXIST (It opens in August).

Today--my cashier told me, "What's the problem?  It's just up the street!"  

Well, technically, it is not "just up the street" and I plan on working some of the senior residents in Broadview Apartments, many who rely on our unreliable public transportation system to get them any where... I have called Brian Cummins and I will call Kevin Kelley's office, too...and Anthony Brancatelli's office, too.  Let's see if any one calls Third Federal on this decision...no one has called me back to date.

Like many of my neighbors, I am opening an account this week at Steel Valley Credit Union.  But, what about the folks with little to no savings?  More food for the payday/cash checking monsters...
 

 

The CRA

Lack of foot traffic isn't really the bottomline for the bank, though I can understand that being their "party line."

The threshold for closing is level of deposits.  Twenty years ago, $15 million in deposits was necessary for a financial institution to be viable.  (my limited experience in organizing to prevent a financial institution from leaving a neighborhood).  

Most downtown locations have significant deposits due to being centers for businesses' deposits.  Amount of foot traffic may have declined and yes likely deposits too, but doesn't mean the institution is non-viable.  Though financially their bottomline may enhance by closing.

Lmcshane you state that you will be opening an account elsewhere that you have options, but that others will be ill effected,

The only reason we were able to "stop" a financial institution from leaving a Cleveland neighborhood was because even residents without deposits in the closing institution joined in the Save the Bank Coalition.  People were willing to take the time for meetings (boring) and work cooperatively together because we knew that losing $17 million in deposits would hurt our community.  The CRA's are how their feet were held to the fire. 

More recently this same community - well I guess it's demographics had changed significantly enough that - they were placated that leadership assured them a new bar, upscale eatery or boutique could go into the location.

I never understood how that would replace millions in deposits, but learned there that my input was not only not welcome by "leadership", but that those adversely effected would rather complain than join together to help themselves.

- good luck     

Tired of fighting

  I am tired of being a one-woman tirade.  The wholesale abandonment of the urban core--which used to be the industrial, commercial and residential hub of the non-agricultural community--is obviously just another way for the fat cats, the Brahmin, the chosen, the upper class, whatever you want to call them, to make out.  It's a model that will have America looking like Columbia, if we continue on this path.
 

check out

the movie Masked and Anonymous... says all that.

fab sound track too!

Saw it

  I saw Masked and Anonymous, and I will confess, did not get it.  I actually dozed off for most of the movie.  We watched Doubt the other night, though--and it has a complete thumbs up.  Wonderful play translated to film with lots of great moral pondering to go along with the visuals.
 

hmmmm.

maybe check out the wikipedia weblink (above). Its a pretty good description, it portrays the aftermath of what you commented on, above.

 

 

sorry to hear that

 >>  I am tired of being a one-woman tirade. <<

i guess i haven't exactly heard or seen your tirades.  but i hear the tired.

i am a bit surprised at this late date that banks are still fleeing.  thought they had finished redlining the cities into the ground by the end of the 70's.

the subprime lenders seemed to have assisted in bringing on this round of economic turmoil, and as that is a product of the deregulation of the industry that was a by-product of reganomics and the revised 1984 tax code, i'm not sure that the CRA's have any role or benefit there.

though utilizing them (CRA's) with banks when appropriate could have helped some communities i am sure.

peace

naughty banks and nasty bank boys

DemocracyNow! has a great interview with Matt Taibbi today regarding Goldman-Sachs and the ongoing shenanigans of banks receiving public assistance.

Taibbi writes for the Rolling Stone. Those of you familiar with him are already aware of his fab wit and extensive knowledge. He doesn't use his potty mouth in this interview, though.

They'll post the interview as a transcript tomorrow. Today, its a video.

My bank...but not for long...

 

April 30, 2010

As you may know, Congress is currently working on final passage of a finance reform bill. The House of Representatives has passed its bill, and the Senate will vote on its bill in the next few weeks. Third Federal wants to make sure the thrift charter and the rules that we are governed by are both preserved in the final bill. I appreciate the support you have given us and I am asking for your help again.

Third Federal did not contribute to the current economic crisis. We did not ask for, or accept, TARP money because we know that you don’t want your tax dollars used to run our bank. We’re profitable. We’re strong. We’re stable. And we’re a safe haven for your deposits and loans. That’s the way it should be.

We need your help. Let Congress know that our success over the past 72 years isn’t an accident. We are successful because we’ve always had a strong capital position, led with our values, and never lost sight of our mission, under the thrift charter, to promote saving and homeownership.

Through our special link to the American Bankers Association (ABA) website, and entering your ZIP code, you can create a letter to your Senators opposing the elimination of the federal thrift charter. You may use your own words, or can fill in the message from paragraphs provided.

Go here for the letter creation page:
www.capwiz.com/aba/issues/alert/?alertid=14976286&type=co

Let your Senators know that by eliminating charters for new thrifts they remove a vital resource available to savers, homeowners and the communities we serve.

As always, you can call our Customer Service Center at
1-877-835-4250 or email us at info [at] thirdfederal [dot] com.

Thank you for your support.

Marc_A_Stefanski

Chairman and CEO
Third Federal Saving