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Encyclopedia of Cleveland History

WEST SIDE FEDERAL SAVINGS AND LOAN ASSN.

WEST SIDE FEDERAL SAVINGS AND LOAN ASSN.

The WEST SIDE FEDERAL SAVINGS AND LOAN ASSN. was one of Cleveland's oldest savings and loans. Founded by GERMAN immigrants, the Cleveland West Seite Bauverein Co. began in 1886 with a capital of $439,000 and an office at 2621 Lorain Ave. It was representative of a type of banking institution authorized by the state legislature in 1868 to enable associations of persons to raise funds among their members to build homes. However, the institution quickly assumed the functions of a savings and loan. Although it grew slowly during its first 15 years, by 1911 the association's assets had climbed to $1 million, when it assumed the name West Side Savings & Loan Co. By 1916 it occupied new offices at 2025 W. 25th St. After receiving a federal charter in 1948, it became the West Side Federal Savings & Loan Assn., and in 1952 it moved to a new building in Fairview Park. A merger with Parma Savings Co. in 1967 gave the savings and loan more than $100 million in assets. West Side consolidated with Second Federal Savings & Loan in 1974 to establish CARDINAL FEDERAL SAVINGS & LOAN.