First Federal Savings of Lorain is headquartered in Lorain and is the 51st largest bank in the state of Ohio. It is also the 1,739th largest bank in the nation. It was established in 1921 and as of June of 2020, it had grown to 96 employees at 7 locations. First Federal Savings of Lorain has an A health rating.
Hides The Facts
I have never gotten a statement from this bank, so keeping track of my savings account could only be accomplished if I went into the bank. I did not realize that they had started taking $5.00 a month service charge from my savings for over a year.....for what reason I do not know. When asked why I was not notified, they said because they did not have my current address. I have had my current address since 2012. According to my passbook, I was in their bank in 2016. You would have thought that they could have said, your mail is being returned to us. They said there mail is marked to not be forwarded. Basically, they stole my money without any notification. I had over $5000.00 in the account. Other banks that charge a fee, which are few, charge from $2.00-$3.00
Not Recommended
We have not been happy with this bank from the get go. The people they have working for them have no idea what they are doing and have wasted so much of our time. The requested information that was sent to them over and over again because they lost the paperwork and had a horrible attitude. We went in to pay off the loan because we were so unhappy with their services and the teller asked for help from the bank manager who had a very rude attitude. She didn't want to help and didn't offer us to have a seat while she got the correct payoff, she just left us standing at the teller window. Wouldn't you think if someone came in to your bank to pay off a large loan you would be more courteous to them?! Very poor customer service and would never recommend this bank to anyone for anything!!!!!
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 29838 |
| Year Established | 1921 |
| Employees | 96 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.16% |
| Return on Equity - YTD | 1.12% |
| Annual Interest Income | $6.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $457.9MM$443.1MM |
| Loans | Q2 2020vs Q2 2019 | $334.2MM$271.9MM |
| Deposits | Q2 2020vs Q2 2019 | $361.9MM$336.8MM |
| Equity Capital | Q2 2020vs Q2 2019 | $65.6MM$65.3MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $1.9MM$1.8MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $7.8MM$10.5MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $482.00K$756.00K |