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THIRD FEDERAL ANNOUNCES $4 MILLION ADDITION TO BROADWAY HEADQUARTERS

 CLEVELAND, Sept. 22 /PRNewswire/ -- Third Federal Savings and Loan Association of Cleveland broke ground today for a $4.1 million expansion of its headquarters and main office located at 7007 Broadway Avenue in Cleveland's Slavic Village neighborhood. At ceremonies accompanying the ground breaking, attended by Cleveland Mayor Michael White, Councilman Edward Rybka and company officials, Third Federal Chairman and Chief Executive Officer Marc A. Stefanski said that business growth and an expanding work force necessitated larger facilities.
 "We've added a number of new associates over the past few years to keep pace with our volume of business, and we've simply run out of room," Stefanski stated. "This addition to our existing headquarters should accommodate our needs for the foreseeable future." Stefanski anticipates that as many as 300 Third Federal associates will eventually be located at the Broadway facility.
 Regarding Third Federal's decision to invest in its current headquarters, spurning opportunities to locate elsewhere in the city or suburbs, Stefanski stated, "This is our home. My father started Third Federal in this neighborhood in 1938, and we've grown up here. I saw no reason to consider any other alternative.
 "We are deeply committed to the City of Cleveland and as the city's largest provider of conventional mortgage loans, we obviously want to see its neighborhoods flourish," he added.
 When complete, the project will add approximately 30,000 square feet to the association's existing facility. The project is being financed entirely by Third Federal, without the use of any public assistance or incentives. It represents one of the most significant business investments in the Broadway neighborhood in more than a decade.
 The headquarters expansion will take place on land already owned by Third Federal and the new facility will house various headquarters support functions, including new facilities for associate training and education.
 In 1992, the Association purchased the former Sunar Hauserman Company headquarters building at I-77 and Grant Avenue, less than two miles from the Broadway headquarters. That facility now houses 150 workers involved in operations not directly related to the service of Third Federal customers.
 Since 1987, when Third Federal's board of directors elected Stefanski to succeed his father and Third Federal Founder Ben S. Stefanski, the organization has maintained a rate of notable growth. Assets have increased from $1.9 billion to more than $4 billion while the association's long-time reputation for strength, stability and safety has remained intact. Third Federal's core capital has, in fact, outpaced its growth in assets. Core capital now exceeds $430 million and Third's assets to core capital ratio stands at more than 11 percent, far exceeding current federal requirements.
 Third Federal Savings, founded in 1938 by Ben S. Stefanski Sr., is one of Ohio's largest savings institutions, and specializes in the provision of conventional home mortgage loans in Northeast Ohio. In 1992, Third Federal originated nearly 10,000 home mortgages, all in the Northeast Ohio area. In addition, the association serves more than half a million savings customers with 23 offices including recently opened branches in Euclid, Ohio, and South Euclid, Ohio.
 -0- 9/22/93
 /CONTACT: Marc A. Stefanski of Third Federal Savings, 216-441-6000/


CO: Third Federal Savings and Loan Association of Cleveland ST: Ohio IN: FIN SU:

AR -- CL016 -- 4805 09/22/93 15:16 EDT
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Publication:PR Newswire
Date:Sep 22, 1993
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