"Go east, young bank"
is Century Bank's motto
Century Bank, a community bank, isn't really all that youngin just
13 years it will be a century old. It is headquartered in the western part
of Cuyahoga County, in Parma, and has an established record in North Royalton,
Brunswick and Garfield Hts.up to recently its easternmost branch. But
when Jeff Calabrese was tapped as its CEO in 2003, he determined to go east,
and pretty far east at that.
He had previously had 25 years of experience with Security Federal Savings
and Loan, he says, which has offices in Painesville, Madison and Chardon.
So he knew the fast-growing areas of Geauga and Lake counties and wanted
to establish his bank in that location.
The bank currently has $140 million in assets, but Calabrese hopes to more
than triple that to about $500 millionand getting a foothold in the
lucrative building boom of the eastern exurbs is a way to do that. That
foothold is the new 2,800-sf branch bank in beautiful Concord Township,
which opened in April. Future plans include similar branches in Chardon,
the county seat of Geauga County, and other Lake and northeastern Cuyahoga
County locations.
The focus on fast-growing communities is a natural one for Century Bank.
Its mission is to make loans: first and second residential mortgages and
home equity loans, as well as commercial real estate loans, construction
loans and development loans.
The concept behind a community bank, as opposed to a large-scale multi-state
bank, is that its deposits are put back into the home community. Thus its
money is at work to make the area stronger, rather than being sent to another
state or region. Think of George Bailey's role in building Bedford Falls
as a great community. "That is what I was trained in, and what I am
comfortable with, and what I prefer," says Calabrese.
The size of the institution also means he gets to be "a little more
involved" in the several operations of the bank rather than having
to specialize. Community banks, he says, use their funds to support the
community, to sponsor special events and to become a part of the community,
an activity that pleases him very much. Century is the kind of a place where
they know not only your name, but your history and needs as well.
With Century Bank on the move, that kind of service will now be available
to a larger part of Northeastern Ohio.
