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PRESS RELEASE
FOR IMMEDIATE RELEASE
CFBank to Open Ohio Offices
Raymond E. Heh named President; Mark S. Allio joins Central Federal Board
FAIRLAWN, OH - News Release Date: 06-18-2003 -
The synergy behind Fairlawn's newest financial services company, CFBank, is the work of one man's vision and the partnership of long-time bank executives: David C. Vernon, former Founder and President of Summit Bank; Raymond E. Heh, former Bank One Akron Regional President; Parker MacDonell, former Bank One Columbus Senior Vice President; Edward L. Baumgardner, former President of Potters Bank and Potters Financial Corporation; and Mark S. Allio, former President of Third Federal Savings, Cleveland. Central Federal Bank is a subsidiary of Central Federal Corporation (Nasdaq: GCFC).
The venture began in January when Vernon became Chairman and CEO of Central Federal Corporation and CFBank. With his leadership came a new vision for the 111-year-old company – to expand beyond its offices in eastern Ohio by establishing offices in Fairlawn and Columbus.
CFBank, which has offices in Wellsville and Calcutta, Ohio, was founded in1892 in Wellsville, an industrial community on the Ohio River that grew up around the flourishing pottery industry.
Vernon, who founded Summit Bancorp and Summit Bank in 1991, has always had a vision for establishing and managing banks. Under his leadership, Summit Bank achieved significant success before merging with Signal Corp. of Wooster, Ohio, in 1997. Signal was acquired by FirstMerit in 1999.
"Growth requires vision but also talent, and that's the reason we have come together and embraced this opportunity," said Vernon.
The Fairlawn office, which will be located in a new building to be constructed on the northwest corner of Smith and Ghent Roads, celebrated its groundbreaking ceremony on June 18, 2003. The office will open its doors in the first quarter 2004 and will feature private client service areas, making the environment warm and inviting. A temporary office has been established at 2841 Riviera Drive, Suite 300, in Fairlawn.
Raymond E. Heh will serve as Regional President and head of Summit County operations. Heh joins CFBank with 39 years' banking experience and a thorough understanding of the northeast Ohio financial services market. "Ray and I first met 18 years ago when I recruited him to join Bank One Akron. It is a pleasure to be working with him again," said Vernon.
"There is a great opportunity for CFBank in this market, and I am looking forward to working with Dave again as we establish our office in Fairlawn," added Heh.
The Columbus office, which was announced on May 8, 2003, is scheduled to open in the fourth quarter 2003. It will be located near Easton Town Center. Columbus operations are headed by Regional President Parker MacDonell and will be similar in design to the Fairlawn office. "Everyone in our Columbus and Fairlawn offices will be dedicated to providing personalized, focused service to businesses and individuals," said MacDonell. A third generation Ohio banker, MacDonell joined forces with CFBank after meeting Vernon in March of this year.
Edward L. Baumgardner, an East Liverpool resident, became President of the Bank's Columbiana County region on June 16, 2003. "I have been asked to build our Columbiana County operation and am looking forward to helping the Bank add to its 111-year heritage," said Baumgardner.
Mark S. Allio, a resident of Bath, Ohio, joined the boards of both Central Federal Corporation and CFBank on June 18, 2003. "Several months ago, I was introduced to Dave Vernon, and it was immediately obvious that we have similar business philosophies. I have a passion for helping to grow businesses in this area, so it is a privilege to become part of this effort," said Allio.
The Fairlawn and Columbus offices will focus on business financial services that provide personalized, focused service and access to decision-makers. "With a myriad of banks already established in Fairlawn and Columbus, many wonder what makes us different," said Vernon. "I simply explain that our clients and friends have immediate access to experienced decision-makers, so they can get the job done and get on with their business."
Most banks offer business financial services, yet very few authorize client service personnel to make decisions."We give business owners access to decision-makers – loan officers who can make decisions just as owners do when they run their businesses," explained Vernon.
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