Third Federal Savings & Loan

During the Depression in the 1930s, nearly one-third of Cleveland, Ohio residents were unemployed or underemployed. To keep the dream of home ownership alive, Ben S. Stefanski and his wife, Gerome, applied for a federal charter to create a savings and loan association in the vicinity of East 70th Street and Broadway Avenue. In fact, the Stefanskis were so committed to the idea that they applied for the charter on their honeymoon.

With the initial $50,000 in capital provided by members of the Slavic Village neighborhood, Third Federal Savings and Loan Association opened its first office on Broadway Avenue on May 7, 1938.
Years of Growth Image
Years of Growth

The Stefanskis started small, serving many of the struggling immigrant families from Poland and other parts of Eastern Europe who had settled in the Slavic Village area. Business activity grew, and the savings and loan association thrived.

Near the end of World War II, the GI Bill gave each veteran the opportunity to acquire a low-cost mortgage loan. In fact, Third Federal made the first GI mortgage loan in Cleveland. Local real estate activity boomed after the war as veterans took advantage of the loan program to buy homes in the city and nearby suburbs. Third Federal grew as it helped veterans and their young families begin new lives.

Through the 1950’s, 60’s and 70’s, Stefanski expanded the savings and loan by opening branch offices in growing Cleveland suburbs. Through the expansion, Third Federal remained true to its original mission: to provide home mortgages and great savings and retirement options for the residents of Northeast Ohio. At one point, Stefanski said, “it is a great privilege for us to be in a business whose primary purpose is to make it possible for every working person of every nationality race or creed to own a home.”