Marc A. Stefanski, ceo, president and president of Cleveland-based Third Federal Savings and Loan, is marking three years when you look at the CEO’s chair in 2010, that is no little feat within the banking globe.
Since becoming president and CEO associated with the cost cost cost savings and loan 1987, Stefanski has overseen Third Federal’s consistent development as the most truly effective home loan loan provider in Ohio, in addition to its development in the Florida market. Under Mr. Stefanski’s tenure as CEO, Third Federal has maintained and enhanced its distribution and solution of cost cost savings and home loan services and products, such as the introduction for the online as being a distribution channel for home mortgages, with on the web now serving given that source that is largest of applications for the business.
Leader sat straight down with Stefanski to share their three decades as CEO, what’s next for the cost cost cost savings and loan industry and just why it is so essential to take care of workers with respect and also to put the customer always first.
Q: speak about your organization tradition and just why a customer-centric mindset is very important in banking.
A: We put our customers first and away strategy 2nd. Therefore, whenever we’re making decisions, it is all centered on clients and customer care first, in addition to strategy falls into destination from then on. We base our tradition on a value system, and our values are love, trust, dedication to quality, dealing with each other with respect and having fun.
We actually artwork products predicated on those values, and now we also review the people that really work for us—our associates—based on the way they display those values with the other person in the office sufficient reason for clients. So we don’t have product sales quotas, with no a person is on payment.
Q: Why would you believe women make such great leaders in the banking area?
A: First of most, 80 % of y our associates are females, therefore we depend very on feamales in our company. This dates in the past to 1938 whenever my father and mother began Third Federal. These people were an united group not just in wedding, however they had been a group running a business additionally. She was intimately involved in the business, too when I was growing up, my mom was not only raising five children, but. We saw that through the time I happened to be created. Having females perform a crucial role operating is certainly not a novelty for me personally, it is perhaps not uncomfortable, it’s quite definitely an all-natural 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 distinct segment with a certain service or product, you are able to outperform your big bank rivals.”
Q: What does the long term hold when it comes to cost savings and loan industry?
A: Here aren’t way too many savings and loans kept, most have actually changed into banking institutions or bank charters plus they provide a product line that is diverse. Our manufacturer product line really is easy: We just take cost cost savings through 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 business design is very easy.
It’s an antique model, nonetheless it appears to be working we have now expanded to 23 states via the internet and direct mail for us, and. It’s simple to expand today without brick-and-mortar to produce services and products for the nation. You have the opportunity to get a bad credit company company loan for the restaurant.
The web will probably continue being a secured item when you look at the banking industry, as a whole, but cybersecurity is incredibly important—that’s our number 1 concern, protecting our clients due to that.
It was once which you knew who the competition were—they were all regional, you knew where branch areas had been, you knew who had been from the loan committees so when they met—it was a really little, extremely community-based company. You don’t have that anymore. Every one of the banking institutions are regional or national, and that is our competition. We’re not proceed this site small—we’re an almost $15 billion organization—but that’s small when comparing to some of the organizations that are huge here. Therefore the challenge would be to outperform those companies.
Q: Thirty years as CEO when you look at the banking globe is a really 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 feature 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 now have a niche in house financing and then 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 have to be in a position to perform a lot better than other people if you’re likely to be in a product that is particular or solution.
And, needless to say, employing the people that are right dealing with them well. You’re going to be able to leverage that human capital and do a much better job than some of the other companies out there that may not treat their people as well if you have good people that are dedicated and loyal.