Emerald Financial Corp. Expands into Avon Lake, Ohio

Strategic Insights -

Emerald Financial Corp.'s subsidiary, The Strongsville Savings Bank, has submitted an application to the Ohio Department of Commerce to open its fifteenth office in Avon Lake, Ohio. This new branch, which will be the bank's fifth in Lorain County, is expected to open in the first quarter of 1999, pending regulatory approval. The bank will undergo a name change to Emerald Savings Bank effective April 1, 1999, marking a significant expansion into growing communities.

Key Takeaways:

  • The Strongsville Savings Bank has applied for approval to open its fifteenth office in Avon Lake, Ohio, with the new branch expected to open in the first quarter of 1999.
  • The Avon Lake office will be the bank's fifth in Lorain County, and the bank's fifteenth office overall.
  • The bank will undergo a name change to Emerald Savings Bank, effective April 1, 1999, as part of its expansion into new markets.
  • President and CEO Thomas P. Perciak emphasized that the bank's management and community-oriented philosophy will remain unchanged, while the name change will better reflect its expansion into new communities.
  • The bank has fourteen existing offices and twelve ATMs, primarily located in Cuyahoga, Lorain, and Medina Counties.
  • The bank's parent company, Emerald Financial Corp., is an Ohio Corporation and a Unitary Thrift Holding Company.

Statistics:

  • The bank has submitted an application to open its fifteenth office in Avon Lake, Ohio.
  • The bank has five offices in Lorain County and a total of fourteen offices throughout Cuyahoga, Lorain, and Medina Counties.
  • The bank has twelve ATMs in operation.
  • The bank plans to open the Avon Lake office in the first quarter of 1999.
  • The bank's name is scheduled to change to Emerald Savings Bank, effective April 1, 1999.

Sources:

  • EMERALD FINANCIAL CORP. (Nasdaq: EMLD) press release, November 7, 1998