First Federal Savings And Loan Association Of Lakewood

What First Federal Savings And Loan Association Of Lakewood does

First Federal Savings And Loan Association Of Lakewood ("First Federal Lakewood") is an Ohio-chartered mutual savings bank headquartered in Lakewood, operating as an affiliate of First Mutual Holding Co. Founded in 1935 and structured as a mutual institution owned by its depositors rather than external shareholders, the bank provides personal and business banking, residential and consumer lending, and investment services across more than 20 branch and lending-office locations in the Cleveland, Akron, Columbus, and Toledo metros. Its product portfolio spans multiple checking tiers (Simply Free, Direct Interest, Advantage 50, Preferred), savings products including Uplift Savings (up to 2.53% APY) and Thrive Money Market (up to 3.56% APY at $500K+), a CD special slate with APYs up to 4.15%, and a 20-product residential mortgage menu (FHA, VA, USDA, Jumbo, Doctor, Construction-to-Permanent, OHFA programs, Fannie Mae HomeReady, etc.) complemented by home equity, auto, and boat lending.

The bank's business model is a traditional spread-based mutual-bank model: net interest income from the diversified loan and deposit book, supplemented by account service fees (e.g., $7–$15 monthly fees on business accounts), mortgage origination fees, SBA loan fees, and referral-based revenue from First Federal Lakewood Investment Services (FFLIS), offered through Cetera Investment Services LLC. The technology stack is a vendor-integrated digital banking platform — iOS/Android mobile apps, online banking portal, ClickSWITCH for direct deposit switching, CardSwap for subscription management, Personal Finance Manager, Credit Expert by SavvyMoney, DocuSign for e-signatures, Real-Time Alerts, Mobile Deposit, and integration with the MoneyPass ATM network (40,000+ surcharge-free ATMs nationwide). Distribution combines physical branches, scheduled in-person and Calendly-based consultations, dedicated mortgage loan originators (20+), and self-serve online account opening at open.ffl.bank.

The go-to-market is hybrid: a sales-led relationship model (20+ branches, dedicated loan originators, in-person consultations, branch-based mortgage and investment advisory) layered on top of a direct-to-consumer digital channel (online account opening, mobile app, online appointment scheduling). Customer segments are distributed — individual consumers, first-time homebuyers, medical professionals (Doctor Loans), small and medium businesses, marine buyers, and investors/retirees — with no concentrated anchor accounts. As a mutual bank, profits are reinvested locally rather than distributed to shareholders, supporting the bank's community reinvestment narrative and 150+ community-organization partnerships.

Name

First Federal Savings And Loan Association Of Lakewood

Legal name

First Federal Savings And Loan Association Of Lakewood

Website

https://ffl.bank

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

251–500 employees

Short description

First Federal Lakewood is an Ohio-chartered mutual savings bank, founded 1935, providing consumer and business banking, mortgages, and investment services through 20+ branches across Ohio and an FDIC-insured digital platform.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Government-Insured Mortgage Origination (FHA/VA/USDA) (FSALAAAI)

Keywords

• Retail banking services
• Mortgage lending
• Consumer deposits
• Business lending
• Mobile banking

Headquarters

HQ city

Lakewood

HQ country

United States

HQ region

North America

Offices21 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income - Loans: Interest income generated from mortgage loans, home equity products, auto/boat loans, and business loans. Includes fixed-rate and adjustable-rate mortgages, construction loans, and commercial real estate financing.
2. Net Interest Income - Deposits: Spread earned on customer deposits used to fund loans. Competitive deposit pricing with savings rates up to 3.56% APY on money market accounts.
3. Account Service Fees: Monthly service charges on certain accounts when minimum balance requirements are not met. Business Interest Checking ($7/month if below $1,500), Commercial Checking ($15/month), Business Savings ($10/month if under $500 average balance).
4. Loan Servicing and Payment Processing: Free AutoPay and online/mobile loan payment services. Fee-based third-party online loan pay portal available for guest payments.
5. Investment Services: First Federal Lakewood Investment Services (FFLIS) offered through Cetera Investment Services LLC providing brokerage, investment, and advisory products (not FDIC insured).

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

First Federal Lakewood is a mutual savings bank offering a full suite of personal and business banking products. Core offerings include checking and savings accounts, certificates of deposit, mortgages, home equity loans, auto and boat loans, and small business/commercial lending. Distribution is delivered through 20+ Ohio branch locations, lending offices, an iOS/Android mobile app, and online account opening, all backed by FDIC insurance.

Product overview

First Federal Lakewood operates as a mutual bank offering a comprehensive suite of personal and business banking products. The core offerings include multiple checking accounts (Simply Free Checking, Direct Interest Checking, Advantage 50 Interest Checking, Preferred Interest Checking), savings accounts (Statement Savings, Uplift Savings, Thrive Money Market, Select Money Market, Health Savings Account), Certificates of Deposit with various terms, and Online & Mobile Banking as the digital platform. Mortgage products span Fixed-Rate and Adjustable-Rate Mortgages, FHA loans, VA loans, USDA loans, jumbo loans, and specialized programs including Doctor Loans, Family Loans, Fannie Mae HomeReady, OHFA Grants for Grads, and Home Equity products (HELOC and HELoan). Business banking includes Simply Free Business Checking, Business Interest Checking, Commercial Checking, Business Savings, Business Money Market, SBA Loans, and various commercial lending products. The bank also offers Investment Services through Cetera for retirement and wealth management. Digital banking features include Bill Pay, Mobile Deposit, External Transfers, Real-Time Alerts, Personal Finance Manager, Credit Expert by SavvyMoney, ClickSWITCH for direct deposit switching, and CardSwap subscription management.

Differentiator

Problem solved

Functional benefit

Brands

• FFL University: An educational platform providing personalized playlists of financial education videos for customers.
• Uplift Savings Account
• Thrive Money Market Account
• Select Money Market Account
• DirectSave CD
• First Federal Lakewood Investment Services (FFLIS)
• Buckeye Business Advantage
• Ohio Homebuyer Plus Savings Account

Products and services

• Simply Free Checking
• Direct Interest Checking
• Advantage 50 Interest Checking
• Preferred Interest Checking
• Statement Savings
• Uplift Savings Account
• Thrive Money Market Account
• Select Money Market
• Health Savings Account
• Certificates of Deposit
• DirectSave CD
• Online & Mobile Banking
• Master Money Debit Card
• Fixed-Rate Mortgage
• Adjustable-Rate Mortgage (ARM)
• FHA First-Time Buyer Mortgage
• VA Loans
• USDA Loans
• Doctor Loan
• Jumbo Loans
• Construction to Permanent Loan
• Refinance Loan
• Home Equity Line of Credit (HELOC)
• Home Equity Loan (HELoan)
• Auto Loan
• Boat Loan
• Simply Free Business Checking
• Business Interest Checking
• Commercial Checking
• Business Savings
• Business Money Market
• Business Certificates of Deposit
• Small Business Loan
• Business Term Loan
• Business Line of Credit
• Commercial Real Estate Loan
• Healthcare Business Loans
• SBA Loans
• First Federal Lakewood Investment Services
• Ohio Homebuyer Plus Savings Account

Quantifiable outcome

• Earn up to 4.15% APY on 36-month CD Special
• +3 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability1 record

Feature5 records

Partnerships

One partnership is on record.

• First Mutual Holding Co.coreOthersFirst Federal Lakewood is an affiliate of First Mutual Holding Co., a mutual holding company. As a mutual bank, depositors own the bank rather than shareholders, enabling community-focused reinvestment of deposits.

Scale indicators4 records

Recent moves4 records

Expansion highlights5 records

Broad incumbents

• KeyCorp (KeyBank): Major Cleveland-headquartered regional bank with full-service retail, mortgage, and commercial banking across Ohio; broader incumbent competitor in First Federal Lakewood's core market.
• Fifth Third Bank: Cincinnati-based national regional bank with significant Ohio branch presence and full mortgage/business lending capability; a broad incumbent competitor in the same retail and mortgage segments.
• Park National Corporation: Ohio-based regional bank holding company with a community bank operating model across multiple Ohio markets; offers overlapping consumer, mortgage, and small business lending products.
• Huntington Bancshares: Large regional bank headquartered in Columbus, Ohio, offering overlapping consumer, mortgage, and small business products across the same geography; serves as the dominant Ohio incumbent competitor.
• First Financial Bank: Cincinnati-headquartered regional bank with Ohio and Indiana presence offering consumer banking, mortgages, and commercial lending; broader incumbent competing in the same Ohio footprint.

Direct peers

• Third Federal Savings & Loan Association of Cleveland: Mutual savings and loan association headquartered in Cleveland, Ohio, with a similar deposit-funded lending model, mortgage focus, and community orientation; one of the closest direct comparables for First Federal Lakewood.
• Wayne Savings Community Bank: Ohio-based community savings bank offering personal and business banking with mortgage lending, directly comparable in scale, mutual/community focus, and geographic footprint.
• Dollar Bank: Pittsburgh-headquartered mutual savings bank serving Western Pennsylvania and Northeast Ohio; closely comparable mutual S&L structure, branch model, and consumer/business lending mix.
• Civista Bank: Ohio-based community bank (formerly known as Civista Bancshares) offering personal banking, mortgages, and business lending; comparable community focus and regional footprint.

Regional players

• Heartland Bank: Ohio-based community bank serving central Ohio with consumer and business banking products; comparable scale and mutual/community-style positioning, though geographically more central-Ohio focused.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCHWgrhroBNJ5m6ib7BrWq5Q
• Facebookfacebook.com/FirstFederalLakewood
• LinkedInlinkedin.com/company/first-federal-lakewood
• Instagraminstagram.com/firstfederallakewood

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 And Loan Association Of Lakewood