CONTINENTAL, A DIVISION OF DOLLAR SAVINGS BANK, began operation as the South Side German Bldg. & Loan Assn. 18 Jan. 1892 with Phil Voelke as president. The Association, serving Cleveland's German population, met weekly in quarters at the corner of Clark Ave. and W. 25th St. until 1910, when it built its own offices at 3112 W. 25th St. In 1920, with assets totaling $1.5 million, the bldg. and loan association dropped its German identification, becoming the South Side Savings & Loan Assn., and after receiving its federal charter in Apr. 1938, it was renamed the South Side Federal Savings & Loan. By 1955 the firm had assets of more than $50 million, which doubled to $100 million after purchasing Heights Savings & Loan in 1956. South Side became Cleveland Federal Savings & Loan in 1961 and moved to new offices at 614 Euclid Ave. the following year. A merger between Cleveland Federal and Citizens Savings & Loan of Painesville changed its name again to Continental Federal Savings & Loan Assn. in Mar. 1980—the beginning of a difficult period for the company.

Continental suffered losses for 3 years until its liabilities exceeded its assets of $1.05 billion. With negative net worth of $16.1 million at the end of 1983, the Federal Savings and Loan Insurance Corp. arranged Continental's acquisition by Dollar Savings Bank of Pittsburgh, which took effect 20 Sept. 1984.

Article Categories