First Federal Savings of Lorain

What First Federal Savings of Lorain does

First Federal Savings of Lorain is a federally chartered, FDIC-insured mutual savings and loan association headquartered at 3721 Oberlin Avenue in Lorain, Ohio, founded in October 1921 as Lake Erie Savings and Loan Company and operating continuously for over 100 years. It serves individual consumers, students, medical professionals, and small-to-mid-size businesses across Lorain County and surrounding Ohio communities through six physical branch locations in Lorain, Avon, Amherst, Sandusky, Huron, and Port Clinton, supported by approximately 85 team members. The institution operates under a community-led go-to-market model emphasizing local decision-making, long-standing customer relationships, and visible community engagement across 8 counties and 26+ supported organizations with 314+ staff volunteer hours.

The product portfolio is a comprehensive retail and commercial banking suite: seven savings products (including 1st E-Advantage, Statement Savings, CDs, Student Savings, Kids Club, Christmas Club, and IRAs), seven checking variants (Flagship, Lighthouse, Anchor, Student, Estate, Trust, and money market options), and a diversified residential lending book covering construction loans, HELOC/Dream Equity, investment property loans, a Medical Professional Program, and renovation loans. Business banking is served through Commercial Checking, Business Banking Checking, Organization Checking, and a dedicated Business Online Banking platform secured by VASCO GO3 hardware tokens. Investment services (stocks, bonds, mutual funds, annuities, life insurance) are delivered through a referral partnership with Cetera Investment Services LLC, with an on-site advisor at the Lorain branch. Supporting infrastructure includes mobile and online banking, mobile deposit, digital wallet tokenization (Apple Pay, Google Pay, Samsung Pay), TouchTel telephone banking, the MortgageWebCenter origination platform, and MoneyPass ATM access across 14,000+ locations.

Revenue mechanics rest primarily on traditional banking activities: net interest income from mortgage and consumer lending, deposit account fees (typically $5-$7 per month and waivable through balance or transaction thresholds), per-check and account credit/charge pricing on commercial checking, and referral economics from Cetera Investment Services. Pricing is publicly disclosed across each tier. Distribution runs through branches (bottom-of-funnel account opening), self-service digital channels (mobile and online banking), and direct mortgage origination staff (five named Loan Originators plus dedicated loan servicing operations). The bank holds NMLS#596593, Equal Housing Lender status, FDIC insurance, and complies with COPPA and CCPA practices. Governance is led by CEO Michael E. Brosky (the 8th CEO, in role since 2009), with a full C-suite (CFO, COO, CRO, Chief Retail Officer) and a board chaired by John R. Malanowski. No parent company, holding company, or external institutional investor ownership is disclosed.

Name

First Federal Savings of Lorain

Legal name

First Federal Savings & Loan of Lorain

Website

https://fflorain.bank

Company type

Private

Founded year

1921

Operating status

Operating

Headcount range

101–250 employees

Short description

First Federal Savings of Lorain is a 100+ year-old federally chartered mutual savings and loan serving Lorain County, Ohio through 6 branches and digital channels, offering retail and business checking, savings, lending, and Cetera-partnered investment services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

Keywords

• Retail banking services
• Community savings bank
• Residential mortgage lending
• Consumer deposit accounts
• Small business banking

Headquarters

HQ city

Lorain

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Traditional banking revenue from mortgage loans (30-year, 20-year, 15-year, 10-year fixed rate and adjustable rate products), construction loans, home equity loans, and investment property loans
2. Deposit Account Fees: Monthly service fees on checking and money market accounts, with fee waivers for maintaining minimum balances or meeting transaction requirements
3. Digital Banking Services: Revenue from digital banking services including mobile deposits, online bill pay, and e-statements
4. Investment Services Referrals: Referral arrangement with Cetera Investment Services LLC for investment products including stocks, bonds, mutual funds, annuities, and life insurance

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

First Federal Savings of Lorain is a community-chartered savings and loan association that provides personal and business banking services, including deposit products (checking, savings, money market, certificates of deposit, IRAs), consumer lending (residential mortgages, HELOC/Dream Equity, construction, investment property, renovation loans, and a Medical Professional Program), Visa credit cards, and business banking (commercial checking and Business Online Banking with ACH and payroll). The bank distributes these services through 6 branch locations across Lorain County and digital channels including online banking, a mobile banking app, digital wallets, and a dedicated mortgage origination platform.

Product overview

First Federal Savings of Lorain is a community bank established in 1921 offering a comprehensive suite of personal and business banking products. The personal banking portfolio includes seven savings account types (1st E-Advantage, Statement Savings, Certificate of Deposit, Student Savings, Kids Club Savings, Christmas Club, and IRA), seven checking account variants (Flagship Checking, Lighthouse Checking, Anchor Checking, Student Checking, Estate Checking, Trust Checking, and Money Market options), and diverse lending products including Construction Loans, HELOC/Dream Equity, Investment Loans, Medical Professional Program, and Renovation Loans. Business banking services encompass Commercial Checking, Business Banking Checking, and Organization Checking with Business Online Banking access. Additional offerings include Visa Credit Cards, Digital Wallet support (Apple Pay, Google Pay, Samsung Pay), Mobile Banking with mobile deposits, Safe Deposit Boxes, E-Statements, and investment services through Cetera Investment Services. The bank operates six branch locations serving the Lorain County, Ohio area with approximately 85 employees and over 100 years of community banking experience.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Accounts (1st E-Advantage, Statement, Student, Kids Club, Christmas Club, Certificate of Deposit, IRAs) A suite of personal deposit products for individuals and families, including a paperless high-rate savings account, a basic everyday savings account, time deposits (CDs) with fixed rates and variable terms, student savings for ages 15-24, kids savings with incentives, a Christmas Club seasonal savings, and Traditional/Roth IRAs with flexible contribution and withdrawal options.
• Personal Checking Accounts (Flagship, Lighthouse, Anchor, Student, Estate, Trust, Choice Money Market, Insured Money Market) A suite of personal checking accounts for consumers, including a premium interest-earning Flagship account, a no-minimum Lighthouse account, a low-cost Anchor account, a Student checking account for ages 15-24, Estate Checking, Trust Checking, and tiered interest-bearing Choice and Insured Money Market accounts. Tier benefits include access to First Federal Perks rewards, balance-based fee waivers, and FDIC insurance.
• Residential Mortgage Lending (30-year, 20-year, 15-year, 10-year fixed-rate; ARMs; Jumbo Loan Special) Conventional fixed-rate and adjustable-rate residential mortgages with multiple term options (10, 15, 20, 30 years) and a limited-time Jumbo Loan Special for higher-balance properties. Loans are originated through MortgageWebCenter and serviced in-house after closing.
• Construction Loan Single-close construction loans that convert to permanent financing, available for builder-contracted or owner-built projects, supporting home construction financing.
• HELOC / Dream Equity Loan Home equity products including a fixed-rate Dream Equity loan and a revolving Home Equity Line of Credit (HELOC) for accessing home equity.
• Investment Property Loan Loans for purchasing or refinancing 1-4 unit investment properties, with purchase, refinance, renovation, and home equity options.
• Medical Professional Mortgage Program Specialized mortgage program with expanded qualification criteria for medical professionals including an expanded profession list and both fixed and adjustable rate options.
• Renovation Loan Financing for home improvements, available for purchase, refinance, or Dream Equity transactions, including for investment properties and second homes.
• Visa Credit Card A Visa-branded credit card for personal use, issued by the bank and managed through First Data processing, with card management tools available through the online portal and support for Apple/Google/Samsung Pay.
• Commercial Checking A business checking account for incorporated businesses requiring $50 to open and charging $5 monthly, which earns $0.25 credit per $100 above a $500 minimum monthly average balance; $0.15 per check.
• Business Banking Checking A simplified small business checking account with a $5 monthly service charge that can be waived with a $500 average monthly balance.
• Organization Checking A simplified checking account for organizations requiring a $50 minimum balance to open, with waived monthly service charges and no per-check fees.
• Business Online Banking An online banking platform for businesses providing real-time account information, multifactor authentication via VASCO GO3 security tokens, ACH Manager, payroll services, and e-statements for business customers.
• Loan Origination and Servicing A lending service covering mortgage origination through direct loan originators (Laura Campbell, Danielle Peffley, Bill Stallard, Melanie Stock, Cathy Schaefer) and in-house loan servicing for ongoing customer relationships after closing.
• Mobile Banking A mobile banking application for iOS and Android enabling account access, mobile check deposits, card management, balance viewing, fund transfers, and a branch/ATM locator.
• Digital Wallet Services Support for adding bank-issued debit and credit cards to Apple Pay, Google Pay, and Samsung Pay for contactless in-store and online transactions.
• Cetera Investment Services Investment services provided through a referral arrangement with Cetera Investment Services LLC, offering stocks, bonds, mutual funds, advisory services, annuities, life insurance, and long-term care insurance, with an on-site financial advisor at the Lorain branch.
• Safe Deposit Boxes Secure safe deposit box storage service available at branch locations for valuables and important documents.
• Money Orders and Cashier Checks Bank-issued money orders and cashier checks available for purchase at branch locations, offered as an alternative to personal checks or cash.
• E-Statements Electronic statement delivery through online banking, replacing paper statements with secure digital document access.
• TouchTel Telephone Banking A 24-hour automated telephone banking system allowing customers to access their accounts and perform basic transactions using a touch-tone phone.

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature4 records

Partnerships

One partnership is on record.

• Cetera Investment Services LLCminorStrategic or Co-development PartnerCetera Investment Services LLC provides investment products and services to First Federal Savings of Lorain customers including stocks, bonds, mutual funds, advisory services, annuities, life insurance, and long-term care insurance. Joseph Melenick serves as the on-site Financial Advisor at the Lorain branch location.

Scale indicators5 records

Recent moves14 records

Expansion highlights5 records

Direct peers

• Civista Bank: Civista Bank is a community bank headquartered in Sandusky, Ohio — directly adjacent to First Federal's Lorain County footprint — operating a similar branch-based model serving retail and small business customers. As a nearby mutual community bank, it is the most geographically and operationally comparable peer.
• Dollar Bank: Dollar Bank is a Pittsburgh-based mutual community savings bank offering personal and business banking, mortgages, and deposit products through branch and digital channels — closely mirroring First Federal's mutual savings structure and product mix.
• S&T Bank: S&T Bank is a western Pennsylvania community bank of comparable asset size focused on commercial lending, retail deposits, and mortgage products in the regional Mid-Atlantic market — comparable to First Federal in scale and customer mix.
• First Commonwealth Bank: First Commonwealth is a Pennsylvania-based community bank offering retail deposits, mortgages, and business banking across multiple branches — comparable to First Federal in product breadth, branch-based distribution, and community positioning.
• WesBanco: WesBanco is a West Virginia-headquartered community bank with significant Ohio and Pennsylvania branch presence, offering commercial and retail banking with strong mortgage operations — relevant comparable given shared Ohio footprint and product mix.
• Cornerstone Community Bank: Cornerstone Community Bank (IN) is a mutual community savings institution offering deposit and lending products with a similar local-focused model — relevant for product and ownership structure comparison.

Regional players

• First Federal Lakewood: First Federal Lakewood is a federally chartered community savings bank in neighboring Lakewood, Ohio — sharing the same mutual savings charter type, similar name heritage, and overlapping Northeast Ohio market presence.

Broad incumbents

• Park National Bank: Park National Bank is a larger Ohio-based community banking group operating dozens of branches across Ohio and neighboring states — a relevant benchmark for what First Federal could scale into through organic growth and acquisition.
• Huntington National Bank: Huntington is a major Ohio-based regional bank offering full retail, business, mortgage, and wealth services across Ohio and the Midwest — the dominant scaled competitor in First Federal's primary market.
• KeyBank: KeyBank is a Cleveland-headquartered national bank with extensive Ohio retail and mortgage operations — represents the larger incumbent against which First Federal's community differentiation must compete for the same depositors.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php?id=61571692415155
• LinkedInlinkedin.com/company/first-federal-savings-of-lorain
• Instagraminstagram.com/ffslorain

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Federal Savings of Lorain