SOURCE: Dollar Bank

Dollar Bank

December 15, 2011 15:22 ET

Dollar Bank Grows in Size and Strength

Largest Mutual Bank Reports Increases in Deposits, Loans, Earnings and Capital

PITTSBURGH, PA--(Marketwire - Dec 15, 2011) - At its Annual Meeting today, Dollar Bank reported that its deposits, loans and earnings have all increased over the previous year. The country's largest mutual bank grew even larger with assets now topping $6.2 billion, an increase of 4.5% over last year.

"I am most proud of our ability to continue to strengthen the bank as we grow larger," explained Robert P. Oeler, Dollar Bank's President and CEO. "This is especially a challenge given some of the worst economic times we have seen in decades," he added.

Dollar Bank's core capital ratio was reported at 10.6% of assets, far above the regulatory 6% minimum ratio required to be considered "well capitalized."

With Dollar Bank's fiscal year ending on November 30, 2011, the bank reported an un-audited increase in deposits of 5.5% and a jump in total loans of 8%.

"Our ongoing strength and size allows us to reinvest in our communities," Mr. Oeler said. "We continue to receive an 'Outstanding' rating from our federal regulators for our lending and philanthropic efforts."

He reported that the bank has extended its commitment to be the Presenting sponsor of the Three Rivers Arts Festival in Pittsburgh, and that the bank is entering its 15th year as the Opening Night sponsor of the Cleveland International Film Festival.

"The return of the 4th Avenue lions has been the question on everyone's mind however," Mr. Oeler noted at the end of the meeting.

The two refurbished lions are scheduled to return to the lobby of the 4th & Smithfield branch during President's Day weekend in February 2012.

Dollar Bank is a $6.2 billion federally chartered mutual savings bank offering a wide range of financial services to individuals and businesses in the Pittsburgh, PA and Cleveland, OH metropolitan areas. *

*Source: fdic.gov, mutual institutions as of 9/30/11

Contact Information

  • CONTACT:
    James F. Carroll, Jr.
    Dollar Bank
    412-261-8852
    Email Contact