SOURCE: First Federal of Lakewood

First Federal of Lakewood

March 10, 2011 10:15 ET

First Federal of Lakewood Completes Next Step of Growth Strategy With the Full Integration of Century Bank

LAKEWOOD, OH--(Marketwire - March 10, 2011) - First Federal of Lakewood today announced its successful conversion of Century Bank into First Federal of Lakewood. Century Bank and First Federal of Lakewood customers may now conduct all banking transactions at any of the bank's 18 full-service branches.

The combined community bank has total assets of $1.3 billion, 18 branch locations in Cuyahoga, Lake, Lorain and Medina Counties, six First Federal Lending offices in Ohio, and more than 280 employees including every Century employee. Based on deposits, First Federal of Lakewood is the third largest bank headquartered in Greater Cleveland.

"We are very excited that this seamless conversion is complete because we can now provide our customers with our full line of savings, lending and business products at all of our branches," said Gary R. Fix, president and CEO of First Federal of Lakewood. "Through this acquisition we built an even stronger community bank that is well capitalized, locally managed, and committed to its customers and communities."

Fix added, "With our performance, strong heritage and commitment to this region, First Federal of Lakewood is Greater Cleveland's Community Bank. We continue to embrace the core values that were established at our inception in 1935. As a mutually structured community bank we take the long view and make the best decisions for our institution, our customers and communities. Our 12 consecutive quarters of profitability affirms that we are safe, strong and secure."

The acquisition of Century Bank caps off a year of impressive growth for First Federal of Lakewood. Over the past 12 months, in addition to the Century Bank acquisition, the bank opened new lending offices in Canton, Mentor, and Toledo, opened a full-service branch in Chagrin Falls and produced record loan volume in excess of $500 million.

"We are proud of our accomplishments and are well positioned for continued growth," said Fix.

About First Federal of Lakewood
First Federal of Lakewood offers a full array of retail and business products through 18 full-service branch locations in Northeast Ohio and six First Federal Lending offices throughout Ohio, with total assets exceeding $1.3 billion. Founded in 1935, First Federal of Lakewood is a community bank with a deep-rooted tradition of financial strength, stability and integrity. Visit www.FFL.net for additional information.

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