Wednesday, August 21, 2013

First Federal Grand Opening – August 13, 1960

Here's an ad celebrating the Grand Opening of the brand new Main Office of First Federal Savings and Loan on Oberlin Avenue in Lorain.
The ad ran in the Journal on August 12, 1960 – 53 years ago this month.

It must have been exciting times back then as the west side of Lorain began to explode south of Meister Road with new residents, schools, shopping plazas and businesses.  It was really the only place Lorain could expand back then, and First Federal wisely decided to move their main office to where all the action was.

My parents were loyal customers of First Federal. They financed the two homes that they built there, and opened savings accounts for my siblings and me.

I still bank at the Oberlin Avenue branch (below) about once a week as part of my Saturday morning ritual. It's a handsome building, and I love its simplicity of design.


Loraine Ritchey said...

Sorry to be a negative here but their in my opinion of poor business decisions - giving mortgages to those that couldn't afford them - then forclosing, then buying back the properties for cents on the dollars and then taking a further loss and dumping them back on the market as is has caused this old neighborhood and my block major headaches. So no banking for me at First Federal they were and are in my opinion part of the problems not the solution I mentioned the aforementioned in the Point of Sale public hearing where their representative (Brosky) was speaking you can find the minutes July 8th of this year. Always two sides to the coin....... ;)

Dan Brady said...

Hi Loraine,
I have mixed feelings about the mortgage mess brought to us courtesy of the federal government, which was determined to put people in homes whether they could afford it or not. When we bought our first home on the east side of Lorain in the early 1990s the bank (not First Federal) approved us for an amount so high we thought it was ridiculous. We ended up financing a house for half that amount. Back then you had to have 20% down. (I suspect the buyers on HGTV's House Hunters go with the highest amount they are approved for.) I feel bad for you that your neighborhood has suffered because of the mortgage mess which certainly involves First Federal, but the first time homeowners have to take some responsibility too. I have personally always received good service in my dealings with the lenders and personnel at First Federal.