Dollar Bank
Encyclopedia
Dollar Bank is a full service, regional bank serving both individuals and business
customers, operating more than 50 branch offices
and loan centers throughout the southwestern Pennsylvania
and northeastern Ohio
metropolitan area
s. The bank’s Pennsylvania headquarters is located in downtown Pittsburgh and Ohio headquarters is located in downtown Cleveland. Dollar Bank was the largest independent mutual bank
in the nation as at March 2009.,
, pink Quincy Granite
and significant amounts of Marble
and Brass
.
In 1871, two stone lions were placed at the front door of the Fourth Avenue Building, as symbols of guardianship of the people’s money. The stately lions guarding the entrance were sculpted by Max Kohler
, each from a single block of quarry-bedded brownstone. A project to restore the lions began in September 2009.
The Board Room was added to The Dollar Savings Bank’s Fourth Avenue Building in 1896 at a cost of $37,981.
In 1906, the East and West wings were added to The Dollar Savings Bank’s Fourth Avenue Building.
In 1931, $1 million in cash was brought to the bank office floor to prove the availability of customers' funds during the depression. During this difficult economic time, The Dollar Savings Bank never closed. On November 1, 1949, The Dollar Savings Bank had assets at book value
of over $100 million. In 1938, the original vault in The Dollar Savings Bank’s Fourth Avenue Building was relocated to the basement of the building to make room for the Trustee Boards Anteroom.
The vault was installed after the St. Patrick’s Day Flood of 1936, which devastated downtown Pittsburgh. The Dollar Savings Bank wanted a new vault that was not only fireproof but also flood-proof.
In 1956, The Dollar Savings Bank purchased the DeRoy Building and converted the first floor for bank use, expanding the Fourth Avenue Building footprint. This building was demolished in 1970 and the space became a pedestrian plaza.
In the 1960s, Fourth Avenue Building’s cupola skylights were filled in, the interior was repainted and the teller counter was altered to make it one level surface.
on November 30, 1964.
In 1976, The Dollar Savings Bank introduced pay-by-phone as the first bill payment system of its kind in Pennsylvania and second in the United States. The Dollar Savings Bank reached $1 billion in assets and on July 14 of that year The Dollar Savings Bank's Fourth Avenue Office was listed on the National Register of Historic Places
.
The Dollar Savings Bank installed its first Automated teller machine
(ATM) in 1977 and in 1978 free retail checking accounts, called "NOW accounts", were offered for the first time. In July 1981, The Dollar Savings Bank began to offer accounts and services tailored to the needs of businesses.
area. In a deal brokered by the Federal Savings and Loan Insurance Corporation
, The Dollar Savings Bank acquired the troubled Cleveland-based thrift and within two years, a combination of government guarantees against losses and new investment returned Continental to profitability. That same year, Continental's name was changed to Dollar Bank and The Dollar Savings Bank was renamed to "Dollar Bank". Dollar Bank began offering term loans, lines of credit and Credit cards in 1986.
The first Dollar Bank Loan Center was opened in Murrysville, Pennsylvania on January 18, 1994. Dollar Bank's "Win-Win Home Equity Adjustable Rate Loan" was launched as the first loan of its kind in March 1994. Dollar Bank became the 16th bank in the country to offer online banking
via the Internet
in March 1997. Dollar Bank initiates the "Freedom ATM Alliance" surcharge free network, a group of 29 banks that joined together on January 4, 1999. The goal of the Alliance is to provide surcharge-free ATM alternatives to customers. Banks entering the Alliance agree not to surcharge the customers of any other Alliance member at their ATMs.
In July 1994, Dollar Bank introduced the Dollar Bank Jamboree. The free Dollar Bank Jamboree, benefiting the Boys & Girls Clubs of Western Pennsylvania and City of Cleveland Department of Parks, Recreation and Properties brought national country talent to city venues until its final year in 2008.
There has also been consistent participation in the United Way of America and significant local efforts surrounding the branch network in the Allegheny
, Westmoreland
, Washington
and Butler
counties in Pennsylvania, and Lake
, Lorain
, Cuyahoga
and Summit
counties in Ohio.
In 2000, Mortgages For Mothers seminars for low to moderate-income individuals were introduced. Attendees learn about the various mortgage loan
programs available to them and understand the importance and power of credit. They also discuss their individual Credit reports with a credit professional. Workshop attendees are encouraged to continue working with Dollar Bank home ownership counselors. Assistance includes educational classes, private credit restoration counseling sessions, special savings programs and other informational and motivational group sessions.
On May 8, 2003, Dollar Bank introduced Pittsburgh’s Regional Showcase with a high definition, Multi-media format to the David L. Lawrence Convention Center
. The Showcase presents the region's history and culture, as well as its people, natural resources and amenities.
Dollar Bank reached $5 billion in assets in 2003. In June of the same year, Dollar Bank started using imaging technology to present checks and statements.
(CD) Ladder was launched as the first CD of its kind. Laddering
is based upon the premise of not putting all money in a single CD. By dividing money between CD terms ranging from short to long, CDs with a range of yields that reflect market expectations for the future direction of interest rates are purchased.
Dollar Bank was the first to offer Text messaging
on June 19, 2007 and mobile online banking
was introduced on June 5, 2008.
On March 11, 2009, Dollar Bank introduced Reverse mortgage
s to provide financial help to seniors.
On July 19, 2005, Dollar Bank celebrated 150 years as a financial institution.
On June 5, 2007, Dollar Bank elected new Chief Executive Officer, Robert Oeler. A 34-year employee of the bank, Mr. Oeler became President and Chief Operating Officer in April 2007. Prior to that, he held the title of Executive Vice President since 1992.
Dollar Bank opened a new Ohio headquarters at The Galleria at Erieview
in Cleveland, Ohio on July 28, 2008. The new two-story, glass-enclosed structure at East Ninth and St. Clair measures 21000 sq ft (1,951 m²).. The new space houses a branch office, a Private Banking Center and a training facility on the first floor, with retail operational support on the second. Opened in early August, the new facility anchors the Galleria and revitalized one of Cleveland's most prominent urban centers.
All financial institutions must meet certain minimum net worth requirements. Dollar Bank is considered “well capitalized,” the highest category of capitalization under the regulatory framework of the Office of Thrift Supervision
. Dollar Bank’s core capital amounted to $559.8 million, an increase of $21.8 million over the previous year.. It should be noted that both major market areas (Pittsburgh and Cleveland) have lost over 50% of their populations since 1950.
and southwestern Pennsylvania communities. Ohio initiatives have included Harvest for Hunger - helping feed the hungry at more than 540 neighborhood hunger centers, Light the Night - benefiting the Leukemia & Lymphoma Society
’s fight against blood cancers, Noon Year’s Eve - celebrating a family- friendly, daytime New Year’s Eve, the Annual Cleveland International Film Festival
- presenting the best from around the world, introduced by the Cleveland Film Society, Women in Business Conference - providing improvement objectives for women in business.
In June 2007, Dollar Bank participated in GuitarMania, a greater Cleveland community public art project that raised more than $1.6 million for its two benefiting charities – United Way of Greater Cleveland
and the Rock and Roll Hall of Fame and Museum
’s education programs. The project consisted of large, oversize Fender Stratocaster
guitars that were creatively transformed into works of art by local artists and national celebrities and displayed on the city streets of Cleveland. The “Rock & Roar” Dollar Bank guitar is displayed in the Galleria Office at Dollar Bank’s Cleveland headquarters located in the Erieview Tower
.
Dollar Bank introduced Cleveland’s Regional Showcase on August 1, 2008. The glass-walled structure features an outdoor Light Emitting Diode (LED) screen displayed on the exterior wall at the southwest corner of the Galleria. Called the "Dollar Bank Regional Showcase at the Galleria", the LED screen highlights Cleveland’s assets, people, history and events. The content being displayed constantly changes to reflect current activities of northeastern Ohio’s cultural, educational, healthcare, manufacturing, nonprofit and other sectors.
have included the Richard S. Caliguiri City of Pittsburgh Great Race - encouraging fun and fitness, Dollar Bank Junior Great Race - sponsoring a day of fitness for children of all ages, Three Rivers Arts Festival
- displaying a variety of visual, musical and performing art from local and national artists; First Night - celebrating New Year’s Eve with music, theater and art in downtown Pittsburgh; Entrepreneur’s Growth Conference - participating in business development initiatives; Three Rivers Film Festival - showcasing independent American cinema, new documentaries, several critically acclaimed international films and work by regional filmmakers.
In the summer of 2003 as part of DinoMite Days, a citywide art event put together by the Carnegie Museum of Natural History
and the city of Pittsburgh, Dollar Bank sponsored two dinosaurs, which were painted bright pink to replicate the classic ceramic pink piggy bank. Complete with a money slot, these dinosaurs even had a dollar bill sticking out of the top. They were located in the plaza area near 3 Gateway Center
and on the corner of Fourth Avenue and Smithfield Street. A total of one hundred dinosaurs appeared on street corners, green spaces, community centers and downtown plazas, everywhere across Pittsburgh. This public art event celebrated Pittsburgh’s international reputation for scientific excellence while showcasing emerging and established artists.
In 2007, the August Wilson
Center received construction financing from a local bank consortium led by Dollar Bank.
In 2009, Dollar Bank sponsored the Main Music Stage at the Three Rivers Arts Festival
, a division of the Pittsburgh Cultural Trust
, during the 50th anniversary of the festival.
.
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
customers, operating more than 50 branch offices
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....
and loan centers throughout the southwestern Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
and northeastern Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
metropolitan area
Metropolitan area
The term metropolitan area refers to a region consisting of a densely populated urban core and its less-populated surrounding territories, sharing industry, infrastructure, and housing. A metropolitan area usually encompasses multiple jurisdictions and municipalities: neighborhoods, townships,...
s. The bank’s Pennsylvania headquarters is located in downtown Pittsburgh and Ohio headquarters is located in downtown Cleveland. Dollar Bank was the largest independent mutual bank
Mutual bank
Mutual bank or mutual banking may refer to*Mutual savings bank*Cooperative banking*Mutualism...
in the nation as at March 2009.,
Founding
Beginning July 19, 1855, Charles A. Colton opened the "Pittsburgh Dollar Savings Institution". The first day's deposits totaled $53. On September 4, 1858, Pittsburgh Dollar Savings Institution was renamed "The Dollar Savings Bank."First Office
The Dollar Savings Bank’s Fourth Avenue Building was opened in March 1871 and is still in operation today. The architect was Isaac H. Hobbs & Sons of Philadelphia. The building was constructed using 1,400 tons of brownstone, quarried in ConnecticutConnecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
, pink Quincy Granite
Granite
Granite is a common and widely occurring type of intrusive, felsic, igneous rock. Granite usually has a medium- to coarse-grained texture. Occasionally some individual crystals are larger than the groundmass, in which case the texture is known as porphyritic. A granitic rock with a porphyritic...
and significant amounts of Marble
Marble
Marble is a metamorphic rock composed of recrystallized carbonate minerals, most commonly calcite or dolomite.Geologists use the term "marble" to refer to metamorphosed limestone; however stonemasons use the term more broadly to encompass unmetamorphosed limestone.Marble is commonly used for...
and Brass
Brass
Brass is an alloy of copper and zinc; the proportions of zinc and copper can be varied to create a range of brasses with varying properties.In comparison, bronze is principally an alloy of copper and tin...
.
In 1871, two stone lions were placed at the front door of the Fourth Avenue Building, as symbols of guardianship of the people’s money. The stately lions guarding the entrance were sculpted by Max Kohler
Max Kohler
Max Kohler was a Swiss painter.-References:*This article was initially translated from the German Wikipedia....
, each from a single block of quarry-bedded brownstone. A project to restore the lions began in September 2009.
The Board Room was added to The Dollar Savings Bank’s Fourth Avenue Building in 1896 at a cost of $37,981.
In 1906, the East and West wings were added to The Dollar Savings Bank’s Fourth Avenue Building.
The Great Depression
During the 1930s, the main lobby was redecorated. Lighting fixtures were replaced, the teller counter altered and the interior repainted.In 1931, $1 million in cash was brought to the bank office floor to prove the availability of customers' funds during the depression. During this difficult economic time, The Dollar Savings Bank never closed. On November 1, 1949, The Dollar Savings Bank had assets at book value
Book value
In accounting, book value or carrying value is the value of an asset according to its balance sheet account balance. For assets, the value is based on the original cost of the asset less any depreciation, amortization or Impairment costs made against the asset. Traditionally, a company's book value...
of over $100 million. In 1938, the original vault in The Dollar Savings Bank’s Fourth Avenue Building was relocated to the basement of the building to make room for the Trustee Boards Anteroom.
The vault was installed after the St. Patrick’s Day Flood of 1936, which devastated downtown Pittsburgh. The Dollar Savings Bank wanted a new vault that was not only fireproof but also flood-proof.
Expansion
The Dollar Savings Bank bought the Boyd Building in February 1950. The bank used the first two floors of the space and the rest of the building was leased.In 1956, The Dollar Savings Bank purchased the DeRoy Building and converted the first floor for bank use, expanding the Fourth Avenue Building footprint. This building was demolished in 1970 and the space became a pedestrian plaza.
In the 1960s, Fourth Avenue Building’s cupola skylights were filled in, the interior was repainted and the teller counter was altered to make it one level surface.
Early Technology
The Dollar Savings Bank opened its first branch office on June 29, 1961 in the Oliver Building and entered the computer age with its first online electronic bank accounting system in Pennsylvania and one of the first ten in the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
on November 30, 1964.
In 1976, The Dollar Savings Bank introduced pay-by-phone as the first bill payment system of its kind in Pennsylvania and second in the United States. The Dollar Savings Bank reached $1 billion in assets and on July 14 of that year The Dollar Savings Bank's Fourth Avenue Office was listed on the National Register of Historic Places
National Register of Historic Places
The National Register of Historic Places is the United States government's official list of districts, sites, buildings, structures, and objects deemed worthy of preservation...
.
The Dollar Savings Bank installed its first Automated teller machine
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
(ATM) in 1977 and in 1978 free retail checking accounts, called "NOW accounts", were offered for the first time. In July 1981, The Dollar Savings Bank began to offer accounts and services tailored to the needs of businesses.
Market Expansion
On September 20, 1984, The Dollar Savings Bank acquired Continental Federal Savings and Loan Bank and offered banking services to the Cleveland, OhioOhio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
area. In a deal brokered by the Federal Savings and Loan Insurance Corporation
Federal Savings and Loan Insurance Corporation
The Federal Savings and Loan Insurance Corporation was an institution that administered deposit insurance for savings and loan institutions in the United States...
, The Dollar Savings Bank acquired the troubled Cleveland-based thrift and within two years, a combination of government guarantees against losses and new investment returned Continental to profitability. That same year, Continental's name was changed to Dollar Bank and The Dollar Savings Bank was renamed to "Dollar Bank". Dollar Bank began offering term loans, lines of credit and Credit cards in 1986.
The first Dollar Bank Loan Center was opened in Murrysville, Pennsylvania on January 18, 1994. Dollar Bank's "Win-Win Home Equity Adjustable Rate Loan" was launched as the first loan of its kind in March 1994. Dollar Bank became the 16th bank in the country to offer online banking
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
via the Internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
in March 1997. Dollar Bank initiates the "Freedom ATM Alliance" surcharge free network, a group of 29 banks that joined together on January 4, 1999. The goal of the Alliance is to provide surcharge-free ATM alternatives to customers. Banks entering the Alliance agree not to surcharge the customers of any other Alliance member at their ATMs.
National Recognition
On April 6, 1998, the Dollar Bank online banking service was inducted into the 1998 Computerworld Smithsonian Innovation Collection.Community Initiatives
In July 1994, Dollar Bank introduced the Dollar Bank Jamboree. The free Dollar Bank Jamboree, benefiting the Boys & Girls Clubs of Western Pennsylvania and City of Cleveland Department of Parks, Recreation and Properties brought national country talent to city venues until its final year in 2008.
There has also been consistent participation in the United Way of America and significant local efforts surrounding the branch network in the Allegheny
Allegheny County, Pennsylvania
Allegheny County is a county in the southwestern part of the U.S. state of Pennsylvania. As of the 2010 census, the population was 1,223,348; making it the second most populous county in Pennsylvania, following Philadelphia County. The county seat is Pittsburgh...
, Westmoreland
Westmoreland County, Pennsylvania
-Demographics:As of the census of 2000, there were 369,993 people, 149,813 households, and 104,569 families residing in the county. The population density was 361 people per square mile . There were 161,058 housing units at an average density of 157 per square mile...
, Washington
Washington County, Pennsylvania
-Government and politics:As of November 2008, there are 152,534 registered voters in Washington County .* Democratic: 89,027 * Republican: 49,025 * Other Parties: 14,482...
and Butler
Butler County, Pennsylvania
-Demographics:As of the census of 2000, there were 174,083 people, 65,862 households, and 46,827 families residing in the county. The population density was 221 people per square mile . There were 69,868 housing units at an average density of 89 per square mile...
counties in Pennsylvania, and Lake
Lake County, Ohio
Lake County is a county located in the U.S. state of Ohio. As of 2010, the population was 230,041. The county seat is Painesville, and the county name comes from its location on the southern shore of Lake Erie....
, Lorain
Lorain County, Ohio
Lorain County is a county located in the U.S. state of Ohio, and is considered to be a part of what is locally referred to as Greater Cleveland. As of the 2010 census, its population was 301,356. an increase from 284,664 in 2000...
, Cuyahoga
Cuyahoga County, Ohio
Cuyahoga County is a county located in the state of Ohio, United States. It is the most populous county in Ohio; as of the 2010 census, the population was 1,280,122. Its county seat is Cleveland. Cuyahoga County is part of Greater Cleveland, a metropolitan area, and Northeast Ohio, a...
and Summit
Summit County, Ohio
Summit County is an urban county located in the state of Ohio, United States. As of the 2000 census, the population was 542,899. In the 2010 Census the population was 541,781. Its county seat is Akron...
counties in Ohio.
In 2000, Mortgages For Mothers seminars for low to moderate-income individuals were introduced. Attendees learn about the various mortgage loan
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
programs available to them and understand the importance and power of credit. They also discuss their individual Credit reports with a credit professional. Workshop attendees are encouraged to continue working with Dollar Bank home ownership counselors. Assistance includes educational classes, private credit restoration counseling sessions, special savings programs and other informational and motivational group sessions.
On May 8, 2003, Dollar Bank introduced Pittsburgh’s Regional Showcase with a high definition, Multi-media format to the David L. Lawrence Convention Center
David L. Lawrence Convention Center
The David L. Lawrence Convention Center is a convention, conference and exhibition building in downtown Pittsburgh in the U.S. commonwealth of Pennsylvania. The initial David L...
. The Showcase presents the region's history and culture, as well as its people, natural resources and amenities.
- Region In Motion: Visitors entering the Convention Center from either of the two river entrances will see the Region In Motion. Three high-resolution rear projectors in each entrance present images on both sides of 17 feet (5.2 m) by 5 feet (1.5 m) glass screens. This film blends images of the economic vitality of the region with images that illustrate the region's quality of life. The Panoramic images are updated four times a year, marking the turn of the seasons.
- Regional Showcase: Located outside "The Spirit of Pittsburgh Ballroom" on the third floor of the Convention Center, the Regional Showcase uses still images and high definition digital and standard video to fill a 40 feet (12.2 m) by 5 feet (1.5 m) glass wall. With eight high-resolution rear projectors, this display shows the region's accomplishments in technology, healthcare, advanced manufacturing, higher education and the arts. A state-of-the-art sound system was added in early 2005.
- Regional Gallery: On the third floor, south of the skywalk projected onto two parallel walls in the Regional Gallery. Productions shown here include a study of particular organizations, the arts, natural surroundings, and other specific themes. Previous shows include: "Through Fresh Eyes", a collection of regional images from 40 Pittsburgh filmmakers photographers, "An Overture to the Arts", a celebration of over 60 regional arts organizations using both motion and still images, and "Feathered Jewels" a special event show for the National AviaryNational AviaryThe National Aviary, located in Pittsburgh, Pennsylvania, is America's only independent indoor nonprofit aviary. It is also America's largest aviary, and the only accorded honorary "National" status by the United States Congress.-Location and features:...
.
Dollar Bank reached $5 billion in assets in 2003. In June of the same year, Dollar Bank started using imaging technology to present checks and statements.
Product Development
In January 2005, the Dollar Bank Certificate of DepositCertificate of deposit
A certificate of Deposit is a time deposit, a financial product commonly offered to consumers in the United States by banks, thrift institutions, and credit unions....
(CD) Ladder was launched as the first CD of its kind. Laddering
Laddering
Laddering is an investment technique that requires investors to purchase multiple financial products with different maturity dates.- Benefits :Laddering avoids the risk of reinvesting a big portion of assets in an unfavorable financial environment...
is based upon the premise of not putting all money in a single CD. By dividing money between CD terms ranging from short to long, CDs with a range of yields that reflect market expectations for the future direction of interest rates are purchased.
Dollar Bank was the first to offer Text messaging
Text messaging
Text messaging, or texting, refers to the exchange of brief written text messages between fixed-line phone or mobile phone and fixed or portable devices over a network...
on June 19, 2007 and mobile online banking
Mobile Banking
Mobile banking is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant . The earliest mobile banking services were offered over SMS...
was introduced on June 5, 2008.
On March 11, 2009, Dollar Bank introduced Reverse mortgage
Reverse mortgage
A remortgage is a form of equity release available in the United States. It is a loan available to seniors aged 62 or older, under a Federal program administered by HUD. It enables eligible homeowners to access a portion of their equity...
s to provide financial help to seniors.
Recent Developments
On July 19, 2005, Dollar Bank celebrated 150 years as a financial institution.
On June 5, 2007, Dollar Bank elected new Chief Executive Officer, Robert Oeler. A 34-year employee of the bank, Mr. Oeler became President and Chief Operating Officer in April 2007. Prior to that, he held the title of Executive Vice President since 1992.
Dollar Bank opened a new Ohio headquarters at The Galleria at Erieview
The Galleria at Erieview
The Galleria at Erieview is a two floor shopping mall that opened in 1987 in Cleveland, Ohio, USA, on the east side of the city's downtown. It is adjacent to the Erieview Tower, a 40-story office building. The Galleria is a few blocks away from the Rock and Roll Hall of Fame.- History :The concept...
in Cleveland, Ohio on July 28, 2008. The new two-story, glass-enclosed structure at East Ninth and St. Clair measures 21000 sq ft (1,951 m²).. The new space houses a branch office, a Private Banking Center and a training facility on the first floor, with retail operational support on the second. Opened in early August, the new facility anchors the Galleria and revitalized one of Cleveland's most prominent urban centers.
Operations
As of May 31, 2009, Dollar Bank's liquid assets, consisting of $86 million in cash and cash equivalents and $949 million in market value of securities available for sale, and $22 million in trading securities, stood at $1.1 billion or 24% of deposits.All financial institutions must meet certain minimum net worth requirements. Dollar Bank is considered “well capitalized,” the highest category of capitalization under the regulatory framework of the Office of Thrift Supervision
Office of Thrift Supervision
The Office of Thrift Supervision was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency...
. Dollar Bank’s core capital amounted to $559.8 million, an increase of $21.8 million over the previous year.. It should be noted that both major market areas (Pittsburgh and Cleveland) have lost over 50% of their populations since 1950.
Retail banking
Dollar Bank’s retail products and services include:
|
|
Business banking
Dollar Bank’s corporate and small business products and services include checking and savings accounts and financing, cash management, leasing, private banking, real estate lending and business credit cards. Dollar Bank business services include the CashAnalyzer Management System to access accounts through the Internet or direct dial via modem.Subsidiaries
Dollar Bank has several subsidiary businesses including:- Dollar Bank Servicing Center services loans and mortgages
- Dollar Bank Insurance Agency, Inc provides Term life insurance products
- Flenniken Settlement Service, Inc provides title related services to Dollar Bank's customers for real estate transactions, both commercial and residential
Ohio
Dollar Bank has been active in the northeastern OhioOhio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
and southwestern Pennsylvania communities. Ohio initiatives have included Harvest for Hunger - helping feed the hungry at more than 540 neighborhood hunger centers, Light the Night - benefiting the Leukemia & Lymphoma Society
Leukemia & Lymphoma Society
The Leukemia & Lymphoma Society , founded in 1949, is the world's largest voluntary health organization dedicated to funding blood cancer research, education and patient services. LLS's mission is to cure leukemia, lymphoma, Hodgkin's disease and myeloma, and to improve the quality of life of...
’s fight against blood cancers, Noon Year’s Eve - celebrating a family- friendly, daytime New Year’s Eve, the Annual Cleveland International Film Festival
Cleveland International Film Festival
The Cleveland International Film Festival, first held in 1977, is the largest film festival in Ohio. The 2010 festival featured over 300 films. Since 1991 the festival has been held at Tower City Cinemas in downtown Cleveland.-Roxanne T...
- presenting the best from around the world, introduced by the Cleveland Film Society, Women in Business Conference - providing improvement objectives for women in business.
In June 2007, Dollar Bank participated in GuitarMania, a greater Cleveland community public art project that raised more than $1.6 million for its two benefiting charities – United Way of Greater Cleveland
Greater Cleveland
Greater Cleveland is a nickname for the metropolitan area surrounding Cleveland, Ohio and is part of what used to be the Connecticut Western Reserve.Northeast Ohio refers to a similar but substantially larger area as described below...
and the Rock and Roll Hall of Fame and Museum
Rock and Roll Hall of Fame
The Rock and Roll Hall of Fame and Museum is a museum located on the shore of Lake Erie in downtown Cleveland, Ohio, United States. It is dedicated to archiving the history of some of the best-known and most influential artists, producers, engineers and others who have, in some major way,...
’s education programs. The project consisted of large, oversize Fender Stratocaster
Fender Stratocaster
The Fender Stratocaster, often referred to as "Strat", is a model of electric guitar designed by Leo Fender, George Fullerton, and Freddie Tavares in 1954, and manufactured continuously by the Fender Musical Instruments Corporation to the present. It is a double-cutaway guitar, with an extended top...
guitars that were creatively transformed into works of art by local artists and national celebrities and displayed on the city streets of Cleveland. The “Rock & Roar” Dollar Bank guitar is displayed in the Galleria Office at Dollar Bank’s Cleveland headquarters located in the Erieview Tower
Erieview Tower
The Erieview Tower is a skyscraper located in downtown Cleveland, Ohio, USA. The building has 40 stories, rises to a height of 529 ft , and has of office space...
.
Dollar Bank introduced Cleveland’s Regional Showcase on August 1, 2008. The glass-walled structure features an outdoor Light Emitting Diode (LED) screen displayed on the exterior wall at the southwest corner of the Galleria. Called the "Dollar Bank Regional Showcase at the Galleria", the LED screen highlights Cleveland’s assets, people, history and events. The content being displayed constantly changes to reflect current activities of northeastern Ohio’s cultural, educational, healthcare, manufacturing, nonprofit and other sectors.
Pennsylvania
Events in PennsylvaniaPennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
have included the Richard S. Caliguiri City of Pittsburgh Great Race - encouraging fun and fitness, Dollar Bank Junior Great Race - sponsoring a day of fitness for children of all ages, Three Rivers Arts Festival
Three Rivers Arts Festival
Three Rivers Arts Festival is a large outdoor festival of the visual and performing arts held every summer throughout downtown Pittsburgh, Pennsylvania.The festival has been held annually, in June, since 1959....
- displaying a variety of visual, musical and performing art from local and national artists; First Night - celebrating New Year’s Eve with music, theater and art in downtown Pittsburgh; Entrepreneur’s Growth Conference - participating in business development initiatives; Three Rivers Film Festival - showcasing independent American cinema, new documentaries, several critically acclaimed international films and work by regional filmmakers.
In the summer of 2003 as part of DinoMite Days, a citywide art event put together by the Carnegie Museum of Natural History
Carnegie Museum of Natural History
Carnegie Museum of Natural History, located at 4400 Forbes Avenue in the Oakland neighborhood of Pittsburgh, Pennsylvania, USA, was founded by the Pittsburgh-based industrialist Andrew Carnegie in 1896...
and the city of Pittsburgh, Dollar Bank sponsored two dinosaurs, which were painted bright pink to replicate the classic ceramic pink piggy bank. Complete with a money slot, these dinosaurs even had a dollar bill sticking out of the top. They were located in the plaza area near 3 Gateway Center
Gateway Center (Pittsburgh)
The Gateway Center in Pittsburgh, Pennsylvania is a high-rise building complex with of office space in four buildings. Gateway Center was purchased in 2004 by Hertz Investment Group, a Los Angeles, California based real estate investment company, for US$55 million...
and on the corner of Fourth Avenue and Smithfield Street. A total of one hundred dinosaurs appeared on street corners, green spaces, community centers and downtown plazas, everywhere across Pittsburgh. This public art event celebrated Pittsburgh’s international reputation for scientific excellence while showcasing emerging and established artists.
In 2007, the August Wilson
August Wilson
August Wilson was an American playwright whose work included a series of ten plays, The Pittsburgh Cycle, for which he received two Pulitzer Prizes for Drama...
Center received construction financing from a local bank consortium led by Dollar Bank.
In 2009, Dollar Bank sponsored the Main Music Stage at the Three Rivers Arts Festival
Three Rivers Arts Festival
Three Rivers Arts Festival is a large outdoor festival of the visual and performing arts held every summer throughout downtown Pittsburgh, Pennsylvania.The festival has been held annually, in June, since 1959....
, a division of the Pittsburgh Cultural Trust
Pittsburgh Cultural Trust
The Pittsburgh Cultural Trust, a nonprofit arts organization, is a driving catalyst behind the ongoing development of the Downtown Pittsburgh Cultural District, Pittsburgh...
, during the 50th anniversary of the festival.
Fourth Avenue, Pittsburgh
Dollar Bank's official headquarters is currently at 3 Gateway Center in Downtown Pittsburgh. Its old headquarters building at 340 Fourth Avenue in Pittsburgh is listed on the National Register of Historic PlacesNational Register of Historic Places
The National Register of Historic Places is the United States government's official list of districts, sites, buildings, structures, and objects deemed worthy of preservation...
.
External links
- DollarBank website
- Regional Showcase at the The David L. Lawrence Convention Center in Pittsburgh
- DinoMite Days sponsored by the Carnegie Museum of Natural History; see DinoMite Fact Sheet for additional information