Union Savings Bank (USB), a Cincinnati-based institution with a long history in Ohio, recently expanded its footprint by opening a new branch in Cleveland. This move marks an important development for the bank as it continues to grow its presence in Northeast Ohio. Known for its focus on community banking, Union Savings Bank’s entry into the Cleveland market brings with it a distinct approach to mortgage lending and an active commitment to local charitable efforts.
Union Savings Bank Expands into Cleveland
Louis Beck
Union Savings Bank has been operating since 1904 and the bank has garnered a strong reputation as a customer-centric institution, focusing on delivering high-quality, low-cost mortgage loans. Its decision to open a branch in Cleveland reflects the city’s growing housing market and the opportunities presented by Northeast Ohio’s steady economic recovery.
Cleveland is home to a diverse population with a wide range of housing needs, making it a strategic location for Union Savings Bank’s expansion. By entering this market, USB aims to offer its competitive mortgage products to more individuals, including first-time homebuyers, low-to-moderate-income families, and those seeking affordable refinancing options. The bank’s model is built on a straightforward business approach—streamlining the mortgage process while keeping costs low. With a reputation for offering some of the lowest mortgage rates in the industry, USB is poised to make an impact on Cleveland’s housing landscape.
Niche in the Mortgage Lending Space
Union Savings Bank has long carved out a niche in the home mortgage space, differentiating itself from larger national banks and other regional lenders. The bank’s core mission is to provide affordable home financing, with a particular focus on conventional mortgage loans. What sets USB apart is its emphasis on low fees, straightforward loan terms, and personal service.
One of USB’s key strengths lies in its commitment to working with a wide array of borrowers, including those who may face challenges securing loans through traditional financial institutions. The bank is especially focused on helping individuals with low-to-moderate incomes realize the dream of homeownership. By offering flexible loan products and competitive rates, USB ensures that more people can access the mortgage financing they need.
Another unique product offering is USB’s Blanket Loan, which is similar to a bridge loan, yet has many added benefits, including removing the home sale contingency. This is truly unique in the market. USB’s blanket loan offers distinct advantages that set them apart from the competition. Unlike a bridge loan or an equity line, which can require multiple payments, USB’s blanket loan consolidates everything into just one convenient payment. It doesn’t have to just be a short-term solution either—customers can keep the loan for as long as they like without the pressure of a timeline to sell their current home. This flexibility allows homeowners to hold onto their existing property if they wish and rent it out. The blanket loan allows a customer to access cash from their current home to complete renovations on their new or existing property before moving. Additionally, USB offers a blanket construction loan option, making it possible for customers to live in their current home while the new one is being built, all under a single payment structure. This seamless, comprehensive approach simplifies financing, provides the freedom to transition at their own pace and can help someone no matter which stage of life they are in, upgrading from their starter home, building their dream home, or downsizing to their retirement home.
In Cleveland, the bank aims to capitalize on the city’s robust housing market, which includes both urban revitalization projects and suburban expansion. As more Clevelanders look to buy homes, or investors look to purchase apartments or commercial properties, USB’s offerings will likely appeal to those seeking transparent, low-cost loans in a competitive market.
Commitment to Charitable Organizations
In addition to its role as a mortgage lender, Union Savings Bank has a deep-rooted commitment to giving back to the communities in which it operates. This is no different in Cleveland, where the bank plans to partner with local charitable organizations to further its mission of community support.
Union Savings Bank is known for its involvement in various charitable initiatives, often focusing on housing stability and financial literacy. In addition, USB has been a founding member of the Summer Banking Institute, an internship program that places students from Ohio colleges and universities with community banks across the state to learn and experience the banking industry. The aim of the program is to diversify the banking industry and set it up for future success. The program, which began at Central State University, now encompasses colleges across the state, including those in the Cleveland area, often placing minority, and first-generation college students in paid internships for the summer. The program, which was the brainchild of USB, is now run by the Ohio Bankers League, with USB being their largest and most active participant, hosting dozens of interns each summer.
USB’s leadership recognizes that strong communities are built through collaboration, and the bank aims to be an integral partner in addressing some of Cleveland’s most pressing challenges.
New Cleveland Location
Union Savings Bank’s Cleveland branch is located at 6400 Rockside Rd., Independence, Ohio. This 33,000 sq ft. location has been recently renovated with room for over 100 employees. As part of its dedication to community, USB is seeking experienced local loan officers and will eventually be hiring loan support staff as well.
Chairman Louis Beck had this to say about opening a branch in Cleveland, “Being a part of the Cleveland Community is an exciting opportunity for Union Savings Bank. We are committed to not only providing affordable mortgage solutions but also supporting the growth and well-being of this vibrant city.”