CLEVELAND, May 14, 2007 (PRIME NEWSWIRE) -- Dr. Eugene Sanders, CEO of the Cleveland Municipal Schools, and Marc A. Stefanski, Chairman and CEO of Third Federal Savings, today jointly announced a $1,000,000 donation from the newly-formed Third Federal Foundation. The gift will be used to underwrite the start-up of a Family Academy to help students at risk. Ultimate goal is to produce educated adults with career prospects in the city.
Announcement was made at a media conference held this morning at the Board of Education. Also in attendance were Frank Jackson, Mayor of Cleveland, and Kurt Karakul, newly-appointed director of the Third Federal Foundation.
Stefanski said that the donation was a natural progression of educational initiatives by Third Federal to improve education in the inner city. Stefanski said, "When we began the Broadway Development Initiative, we knew that education would be an important component of any revitalization project. We've been helping both the public and private schools in our area to improve the quality of education."
He added, "We hope the Family Academy will help parents and students to get on the right track to get an education and help provide an educated workforce for our community."
The Third Federal Foundation was formed as part of the initial public offering Third Federal held last month. It is a $55 million foundation with the objective to support programs in the communities where Third Federal operates.
Third Federal Savings and Loan Association, named for five years to the Fortune list of "100 Best Companies to Work for," is a leading provider of savings and mortgage products. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal became a public company in April, 2007, with a minority offering of 30 percent of its common stock. The Association is dedicated to serving consumers with competitive rates and outstanding customer service. Third Federal, an equal housing lender, serves customers in Northeast Ohio, Central and Southern Ohio, and throughout Florida. As of December 31, 2006, Third Federal had total assets of $8.6 billion.
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