DOLLAR BANK of Cleveland is a division of the Pittsburgh-based savings and loan Dollar Bank. Dollar Bank expanded into northeast Ohio after acquring Cleveland's CONTINENTAL FED. SAVINGS AND LOAN ASSN at the end of 1983. In a deal brokered by the Federal Savings and Loan Insurance Co., Dollar acquired the troubled Cleveland-based thrift and within two years, a combination of government guarantees against losses and new investment from Dollar returned Continental to profitability. That same year, Continental's name was changed to Dollar Bank.
In 1989, commercial banking services were established at Dollar Bank in Cleveland under the management of Charles H. W. Effinger, Jr. The following year, Dollar's Cleveland headquarters moved from 614 Euclid Ave. to ERIEVIEW at 1301 E. 9th St., and a new branch was opened in the Galleria. The Pittsburgh-based savings and loan had about $2.29 billion in total assets in 1990, and total assets exceeded $4 billion by 2003. By the end of that year, the local Dollar Bank had 24 branches in Cuyahoga, Lake, and Lorain counties.