Dollar Bank
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| Dollar Bank | |
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| Type | Mutual Society |
| Founded | 1855 |
| Headquarters |  Pittsburgh, Pennsylvania |
| Key people | Robert Oeler, President and CEO |
| Industry | Financial Services |
| Revenue | ▲$246 million (2005) |
| Employees | 1,300 |
| Website | www.dollarbank.com |
Dollar Bank is a federal savings bank headquartered in Pittsburgh, Pennsylvania. Its concentration of business is both in Western Pennsylvania and Eastern Ohio. Dollar Bank has $5.3 billion in assets. The bank was formed in 1855 and grew quickly in the early 20th century, especially due to the corporation's reputation for reliability, even during the Great Depression. Dollar Bank expanded its services beyond Pittsburgh by purchasing Cleveland-based Continental Bank in 1984. Today the bank operates more than 50 branch offices and loan centers in the Pittsburgh and Cleveland metro markets. However both Cleveland and Pittsburgh have had large population declines of over 50% since 1950. In fact, the May, 18th, 2008 New York Times reported Pittsburgh is the first Northeast US city which had more deaths than births, and it had a population loss of over 60,000 people since 2000. While other banks got involved in sub-prime lending, Dollar Bank did not. According to Dollar Bank's 2007 Statement of Condition, it is capitalized well over regulatory requirements.
Dollar Bank is first and foremost a lending institution. Over 80% of the bank's loan portfolio is represented in residential mortgages. The company also provides many services for small businesses, and has become well known for having a commitment to the growth of these small proprietorships. Private financial services are also offered. The corporation began offering credit and producing credit cards in 1986.
Innovative advancements have been key to Dollar Bank's success. It was the second corporation in the world to allow for bills to be paid via the telephone, when it had this system installed in 1976. It was also ahead of its time in terms of the availability of ATMs and the use of online banking. Dollar also offered free checking and free withdrawal from ATMs long before its competitors. In 2008, Dollar Bank was the first Pittsburgh bank to offer free Text Message banking.
In an era of demutualization, Dollar Bank has remained as a cooperative mutual society. There is a consensus among company executives that going public would not be the right direction for the company.[1]
Robert Oeler was named President and CEO in June 2007, replacing Stephen Hansen, who retired after 31 years with Dollar Bank.
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