First Federal Lakewood is the largest independent, depositor-owned bank headquartered in Ohio. While many banks have come and gone from the greater Cleveland area and shores of Lake Erie, for more than 80 years the $2B financial institution has been a community cornerstone fiercely dedicated to helping the area’s people and businesses thrive.
With a large and successful mortgage business and 18 branch locations, the bank sought to further diversify and grow its business banking segment. The bank’s leadership team identified lending as an area both ripe for growth and customer experience gains, and which aligned with its commitment to reinvest deposits locally to foster economic growth.
Looking to empower its bankers to expand relationships with businesses and quickly scale its loan portfolio, First Federal Lakewood implemented Numerated’s real-time lending and sales platform. After two years with the platform, First Federal Lakewood has achieved impressive organic growth, all while ensuring the credit confidence of its underwriting team:
- 3.4X growth of its <$100,000 business loan portfolio
- 749 average FICO score of business owners
- 10 day to 10 minute reduction in approval times
- 67 percent of closing from new customers in the most recent quarter
So, what’s the secret sauce fueling these numbers?
We sat down with First Federal Lakewood's team to recount their impressive growth story for you in our most recent case study. Learn more and download your copy of the First Federal Lakewood Case Study, today.