Marc A. Stefanski, ceo, president and president of Cleveland-based Third Federal Savings and Loan, is marking three years within the CEO’s seat in 2010, that will be no tiny feat within the banking globe.
Since becoming president and CEO regarding the savings and loan 1987, Stefanski has overseen Third Federal’s consistent development as the most effective home loan loan provider in Ohio, along with its development within the Florida market. Under Mr. Stefanski’s tenure as CEO, Third Federal has maintained and enhanced its distribution and service of cost cost cost savings and home loan items, such as the introduction regarding the online being a distribution channel for home loans, with on the web now serving once the source that is largest of loan requests for the business.
Chief Executive sat straight down with Stefanski to speak about their three decades as CEO, what’s next for the cost cost savings and loan industry and just why it is very important to deal with workers with respect also to always place the consumer first.
Q: speak about your business tradition and just why an attitude that is customer-centric very important in banking.
A: We put our customers first and away strategy 2nd. Therefore, whenever we’re making decisions, it’s all centered on clients and customer support first, and also the strategy falls into destination from then on. We base our tradition for a value system, and our values are love, trust, dedication to quality, dealing with the other person with respect and having a good time.
We actually artwork products according to those values, and then we also review the individuals that really work with us—our associates—based on the way they show those values with the other person on the job sufficient reason for customers. So we don’t have product product sales quotas, with no one is on payment.
Q: Why would you believe women make such leaders that are great the banking area?
A: First of most, 80 % of y our associates are ladies, therefore we depend very on women in our company. This times in the past to 1938 whenever my mom and dad began Third Federal. These were group not just in wedding, however they had been a group running a business additionally. Whenever I ended up being growing up, my mother had not been just increasing five kiddies, but she had been intimately mixed up in company, too. We saw that through the i was born day. Having females play a crucial role operating is certainly not a novelty for me personally, it is maybe not uncomfortable, it is really a normal thing. All in key positions at Third Federal in fact, out of the six direct reports that I have four are women.
“I think if you learn a niche with a particular service or product, it is possible to outperform your big bank competitors.”
Q: What does the long run hold when it comes to cost savings and loan industry?
A: Here aren’t way too many cost cost savings and loans kept, many have actually transformed into banking institutions or bank charters plus they provide a diverse manufacturer product line. Our manufacturer product line really is easy: We just just take savings from the community and lend it back away in to the community in terms of single-family, owner-occupied houses. We do 2nd mortgages, too, but our enterprize model is incredibly easy.
It’s an antique model, however it is apparently working we have now expanded to 23 states via the internet and direct mail for us, and. It’s simple to expand without brick-and-mortar to deliver products and services throughout the country today. You have even a opportunity to obtain a bad credit company company loan for the restaurant.
The online world will probably keep on being a secured item payday loans North Carolina when you look at the banking industry, generally speaking, but cybersecurity is incredibly important—that’s our number 1 concern, protecting our clients due to that.
It once was which you knew whom the competition were—they were all neighborhood, you knew where branch areas had been, you knew who was simply in the loan committees as soon as they met—it was a tremendously little, extremely community-based company. You don’t have that anymore. Every one of the banking institutions are nationwide or local, and that’s our competition. We’re not small—we’re an almost $15 billion organization—but that’s small when comparing to a few of the huge businesses out here. So that the challenge would be to outperform those companies.
Q: Thirty years as CEO within the banking world is an extremely long tenure. What’s your key to success?
If you find a niche with a specific product or service, you can outperform your big bank competitors a: I think. They provide a smorgasbord of every thing, but discovering that competitive niche where you could outperform a superregional, nationwide or bank that is international think is key.
That’s what we’ve done at Third Federal: we’ve a distinct segment in house financing therefore we feel it better than anyone else, we price better than anyone else, we can turn over a loan faster than anyone else that we do. You need to be in a position to perform a lot better than other people if you’re likely to be in a specific manufacturer product line or solution.
And, needless to say, employing the right individuals and treating them well. When you have good individuals who are devoted and dedicated, you’re going to help you to leverage that human being money and do a far greater task than a few of the other businesses available to you that will perhaps not treat their individuals aswell.