Founded in 1855, Dollar Bank serves business and retail customers from more than 60 branches and loan offices in the Pittsburgh and Cleveland metropolitan areas. Serving consumers and small business clients, the bank offers standard products such as checking and savings accounts, CDs, mortgages, and loans. Dollar Bank also performs private banking, corporate banking, and correspondent banking services. In addition, it offers payment protection insurance and mortgage life/disability coverage; subsidiary Dollar Bank Insurance Agency sells term life insurance.
One- to four-family residential mortgages represent approximately three-quarters of the bank's loan portfolio. Other offerings consist of commercial mortgages, business loans, construction and land development loans, lease financing, consumer loans, and credit cards. The bank does not engage in subprime lending.
Dollar Bank's revenue was basically flat in 2011 compared to the prior year. However, its net income rose nearly 10%, from some $39.4 million to more than $43 million, as the bank recorded fewer interest-related expenses on deposits. It also reported growth in nearly all major segments of its loan portfolio, except consumer lending which dropped by more than a third.
One of the largest mutually owned banks in the country, Dollar Bank has been growing by opening new branches and loan offices in its market area, including its first stand-alone private banking office. Dollar Bank was also a pioneer in online banking (and prior to that, telephone banking), and continues to enhance its offerings, such as adding mobile banking. In 2012 it became the first bank in Pittsburgh to offer video teller services. – less