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OHIO SAVINGS BANK

OHIO SAVINGS BANK (inc. 1889), is one of Cleveland's oldest savings and loans. In its first 9 years of existence, Ohio Savings operated as the Ohio Savings, Loan & Building Co. at 457 Pearl Rd. In 1898 it became the Ohio Savings & Loan Co. The office moved to 517 Pearl (1866 W. 25th St.) in 1901, and by 1904 Christian Schuele had become president. In the post-WORLD WAR II period, a Cincinnati investment securities firm bought control of Ohio Savings and shortened its name to the Ohio Savings Assn. in 1956. When it moved its headquarters to 515 Euclid Ave. in 1960, it had 4 branch offices. In 1961 Clevelander Leo Goldberg purchased control of the company and after he died 10 years later, his son Robert became president of the association. During the 1970s Ohio Savings grew rapidly, purchasing Citizens Federal Savings & Loan of Akron in 1975, acquiring Shaker Savings in 1978, and establishing its own holding company, Ohio Savings Financial Corp. in 1977. By 1977 it had also moved its main office to the Ohio Savings Plaza at 1801 E. 9th St. Ohio Savings remained conservative in its real estate investments during the 1980s with relatively few problem loans. In 1986 the company changed its name from Ohio Savings Assn. to Ohio Savings Bank, which better reflected the broad range of consumer and commercial services it provided. In 1995 Ohio Savings had 46 offices around the state and in Florida, with assets of $2.5 billion.