Finalist
Professional services and banking
When Marc Stefanski was named chairman of Third Federal Savings & Loan Association, MHC, in 1987, his challenge was to take the business to the next level by changing an old-school culture of one boss to a management structure that would foster growth after years of status quo.
In the 1990s, while Third Federal was contending with federal regulations, unregulated mortgage companies were springing up across the country. In the 1980s, the company may have faced 100 competitors in Northeast Ohio; by 2000, there were at least 1,000 mortgage brokers fighting for market share in a wild-west atmosphere, resulting in the subsequent mortgage industry collapse.
During the years that Stefanski has served as chairman at the business started by his parents in 1938, Third Federal Savings & Loan has significantly grown its assets and added 25 offices in central and southern Ohio and on both coasts of Florida. It has also maintained market dominance while operating an ethical business that consistently meets all federal regulatory requirements.
Understanding that one person can’t make all of the decisions and expect a company to grow, Stefanski began addressing needs in finance and human resources, the two areas in which he believes it is most important to invest. Once managers of those areas were in place, he developed strategies for marketing and growth, first by market share, then through offices throughout Northeast Ohio. From there, expansion moved to central and southern Ohio and, finally, Florida.
His management style is egalitarian, and he believes Third Federal is a team, not just one man. Teams formed to work on a project are composed of the people who best understand the situation, and once a project is completed, the team is dissolved.
Stefanski’s vision remains constant — to maintain an ethical business that continues to grow and to create value for customers, communities, stockholders and associates.
How to reach: Third Federal Savings & Loan Association, MHC, www.thirdfederal.com
