Posted June 11, 200916 yr It's a simple question with a pretty basic answer, but this didn't really come to me until checking out the Tremont Place Lofts and noticing they were financed through Key. Thinking back to ECON 101, I realized what better way to stimulate credit and financial spending in our areas than keep our money with our local institutions. They invest in our cities and every dollar you save is actually $10 worth of lending from the banks. Just want to think what everyone else thought about this. I'll be switching to Key, just holding out for an incentive I want to start it...
June 11, 200916 yr I'm with 5/3rd. I think this is a great thread and a great idea. In our day and age, the world of banking is becoming a world of the super-large (citi, boa, jp morgan chase) and the super-small (any community bank, savings and loan, credit union). These three banks are some of the last surviving 'regional' banks, the kind that each city used to have a handful of. Not big enough to play with the large conglomerate banks (although 5/3rd and Key are Fortune 500 companies), but still dominant in their region. Support Ohio's banks!
June 11, 200916 yr I'm with Key. Girlfriend works there... but I'm glad to be with them for a number of reasons. I've found their savings and checking account options simpler than 5/3 whom I used to be with. I've also noticed that Key lends a lot of money for community development. I believe they financed the Park Building, Battery Park and Tremont Place Lofts just to name a few.
June 11, 200916 yr Keepin' it local... with Lorain County's only remaining local banks and S&L. Checking: www.4lnb.com Savings/mortgage: www.firstfedlorain.com Business checking: www.buckeyebank.com
June 11, 200916 yr First Chicago....I mean Bank One....Errr, Chase....Yeah that's what it is now. Chicago's Hometown large banks are mostly gone too. Was going to go to LaSalle, but it became BoFA. Key has no presence here or I'd probably go with them.
June 11, 200916 yr small local bank... wife works there, so it's kind of required... but they do invest in the community and have pretty decent rates.
June 11, 200916 yr The wife and I have a couple checking accounts with Huntington, and a savings account w/Charter One
June 11, 200916 yr BankOne -> Chase... I've been with First Federal of Warren, which became First Place Bank. I've also been with National City.
June 11, 200916 yr HEY! You're forgetting the best l'il bank in Northeast Ohio...FirstMerit Bank (who Cramer said could buy 5/3 :lol: )
June 11, 200916 yr No offense to any of the lil guys I forgot, just taking care of the big ones I know. Where is First Merit out of? I know we have some in Medina.
June 11, 200916 yr No one mentioned Third Federal! Locally-owned bank that invests a ton in Cleveland and has its campus right in the heart of the city's Slavic Village neighborhood. I use Key and Third Federal.
June 11, 200916 yr So is everyone saying regional banks are too big and you would support your local bank even though some of those themselves are regional banks?
June 11, 200916 yr Hi all, I started a savings account with The Cleveland Trust Bank in 1955 and a checking account in 1967. I stayed with it through AmeriTrust then Society and now Key. I also have a savings account with NFCU, Navy Federal Credit Union, from my days at NFS/DFAS-CL. Warm nuzzles and bear hugz to all. Jim S.
June 11, 200916 yr FirstMerit Bank ... (who Cramer said could buy 5/3 :lol: ) This statement has no merit. ;)
June 12, 200916 yr No offense to any of the lil guys I forgot, just taking care of the big ones I know. Where is First Merit out of? I know we have some in Medina. Out of Akron. Focused almost exclusively in NE Ohio, although they do have presence in Toledo, Columbus and W. Pa as well. I used to bank and work at 5/3. Transferred both affiliations to FMER about 2.5 years ago.
June 12, 200916 yr 5/3... may switch to PNC since they hired my brother, also because I'm moving east and there aren't a lot of 5/3 branches on Cleveland's east side. Actually downtown is the only one.
June 12, 200916 yr Big Idear: I think we should use this thread to compare rates, service and whatnot of the various banks, credit unions and other financial institutions in Ohio -- without giving up too much personal information, of course. We'll get filthy rich! or something
June 12, 200916 yr I'm with FirstMerit too. Worked there for a year after graduating college, but have had my accounts with them since I was 18. Reality Checking is one of the best concepts ever and FirstMerit finances a lot of projects and sponsors a lot of charity events. In fact, FirstMerit donated a cool million to the University of Akron's Infocision Stadium project in exchange for naming rights to club level.
June 12, 200916 yr Chase, however, does have ties to Columbus and is bringing some jobs to Westerville (already home to a Chase call center) in the near future. True, the envelopes for my mortgage payment for Chase has a Columbus address...even though I told them to stop sending paper statements a long time ago!
July 11, 200915 yr I use huntington and US Bank. I had first merit when I was in Akron but they aren't in SW ohio so I changed.
July 11, 200915 yr I live in NYC and use TD Bank for checking, which I couldn't be happier with. Late evening and weekend teller hours (including Sundays), a live person answers the phone when you call their main customer service number, and they've been great about resolving any problems I've had. If I end up living back in Cincy next year, I'll have make a decision about wether to switch to a bank with a local presence, or continue with TD Bank and deal with the inconvenience of not having any branch locations or ATMs nearby.
July 13, 200915 yr Why is there only one voting option? :? My experience has been that while people have their deposits / investments with many entities (or some people do), most people identify one financial institution as "their bank". This is typically the one which houses the primary checking account, although I'm sure there's exceptions. I took the poll to mean "which bank is 'your bank' ?"
July 13, 200915 yr I thought Charter One was also local; are they not local any longer? That's who I use.
July 13, 200915 yr I thought Charter One was also local; are they not local any longer? That's who I use. Nope - "2004 – Citizens Bank further strengthens its presence in the Mid-Atlantic with its acquisition of Charter One Financial, Inc., based in Cleveland, Ohio." - from charterone.com. Citizens Bank is owned by Royal Bank of Scotland. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
July 13, 200915 yr Why is there only one voting option? :? My experience has been that while people have their deposits / investments with many entities (or some people do), most people identify one financial institution as "their bank". This is typically the one which houses the primary checking account, although I'm sure there's exceptions. I took the poll to mean "which bank is 'your bank' ?" Understood, but I've spread the money around. I use Key, Chase, National City, err, PNC, Huntington, Dollar, US Bank, 5/3
July 13, 200915 yr I thought Charter One was also local; are they not local any longer? That's who I use. Nope - "2004 – Citizens Bank further strengthens its presence in the Mid-Atlantic with its acquisition of Charter One Financial, Inc., based in Cleveland, Ohio." - from charterone.com. Citizens Bank is owned by Royal Bank of Scotland. Thanks. I knew citizens bought them but I guess I forgot. I have too many things set up on auto pay and too many points invested in their spending program to switch accounts at this point.
July 17, 200915 yr I use USAA and National City. USAA is by far the best bank I've ever used, you have to be military or ex-military though.
December 1, 200915 yr Well, not sure where else to put this. Sad news for a long time institution. Nice family too. While I have no pity for them, as their business decisions put the bank in this situation, it's unfortunate that Cleveland is about to lose yet another locally based bank, further eroding our status as a midwest hub of banking. AmTrust parent files for bankruptcy By Teresa Dixon Murray, The Plain Dealer December 01, 2009, 6:32AM CLEVELAND, Ohio -- The parent company of AmTrust Bank in Cleveland has filed for bankruptcy, but the filing does not include the bank's 66 branches in Northeast Ohio, Florida and Arizona. The filing for Chapter 11 reorganization was announced overnight. The privately owned parent company, AmTrust Financial Corp., is filing for court protection "to preserve the value of its assets and to maximize returns for AmTrust Financial creditors and other stakeholders," the company said in a written statement. AmTrust Financial Corp. invests in a variety of real estate developments across the country. http://www.cleveland.com/business/index.ssf/2009/12/amtrust_parent_files_for_bankr.html
December 1, 200915 yr Chapter 11 is a reorganization, not a liquidation, so why do you think we're going to lose the bank?
December 1, 200915 yr Chapter 11 is a reorganization, not a liquidation, so why do you think we're going to lose the bank? Company's capital ratios are unsustainable given the type of CRE portfolio they carry, and the level of expected delinquencies. PD ran an article last week outlining their recent performance "It also showed that AmTrust saw one key capital ratio fall to 4.2 percent in the third quarter from 7.5 percent in the second quarter. This measure, called the tier-1 risk-based ratio, is 10 to 12 percent for most banks. The Federal Deposit Insurance Corp. and other regulators consider anything less than 6 percent "not well capitalized." " http://www.cleveland.com/business/index.ssf/2009/11/amtrusts_finances_fall_dramati.html
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