Third Federal Offers Loans on Second Homes in Florida; Product, Rates are the Same as for First Home Mortgages

Business Wire, May 12, 2000

Business Editors

CLEVELAND--(BUSINESS WIRE)--May 12, 2000

Third Federal Savings and Loan enters its first mortgage season in the Florida market with a new second-home mortgage product. This new product is in addition to its standard line of fixed and adjustable rate mortgages. The second home loan product will be available only on second homes in Florida, although Third Federal customers may obtain these mortgages at any Third Federal branch in Ohio or Florida. First homes can be located anywhere in Ohio or Florida.

"Our second-home loan is available at the same low mortgage rates as our first mortgages," said Marc A. Stefanski, chairman and chief executive officer. "We think it will be attractive to our Third Federal first mortgage customers who plan to purchase another home in Florida, no matter where their first home is located.

"Floridians have shown by bringing their savings business to us how much they appreciate our high yields on savings products. And I'm sure they will equally appreciate our wonderful low rates on home mortgages," he added.

Third Federal offers fixed and adjustable rate mortgages along with the new second home mortgage. They also offer a Home Equity Line of Credit, a variable rate product that is priced at prime with no upfront costs or fees and no annual fee.

In the fall of 1999, Third Federal opened five offices in Florida in Palma Ceia, Seminole, Clearwater, St. Petersburg and Sarasota with an emphasis on deposits, netting more than $200 million in under six months.

Third Federal Savings and Loan Association is a leading provider of savings products, home mortgages and home equity lines of credit. Founded in 1938 by Ben and Gerome Stefanski, Third Federal is dedicated to serving consumers with competitive rates and outstanding customer service. Third Federal, an equal housing lender, serves customers in Ohio from 29 branches and eight lending offices and in Florida from five branches in the Greater Tampa Bay area. Third Federal Savings and Loan Association of Cleveland, MHC also operates a full service office in North Miami Beach, Fla. As of December 31, 1999, Third Federal had total assets of $6.3 billion. In January, Third Federal was named by Fortune Magazine as one of the "100 best places to work for" in America.