PITTSBURGH, PA--(Marketwired - May 25, 2016) - Dollar Bank Chief Executive Officer and Chairman Robert P. Oeler will retire May 31, 2016, following 43 years with the bank and nine years as its leader.
Mr. Oeler joined Dollar Bank in 1973 and was promoted to Vice President in 1978 and Senior Vice President in 1984 in the Investment Division. In 1988, he assumed additional management responsibility for Residential Lending. Mr. Oeler held the title of Executive Vice President from 1995 - 2007, having responsibility for the Investment Division, Residential Lending, Consumer Lending and the bank's mortgage banking subsidiary, Dollar Bank Servicing Center.
Mr. Oeler was promoted to President and CEO in 2007, at a time when America began to experience an historic financial crisis; truly a baptism by fire. Mr. Oeler was able to leverage Dollar Bank's strong financial position to achieve significant growth. Always a champion for helping individuals attain homeownership, Mr. Oeler positioned Dollar Bank to become a leader in mortgage lending in both the southwestern Pennsylvania and northeast Ohio markets.
From May 2007 until April 2016, Dollar Bank's overall assets grew 42% to $7.4 billion making Dollar Bank the 141st largest bank in America. Dollar Bank's loan portfolio grew 48% to $5.9 billion dollars, making it the 46th largest mortgage provider in America. This achievement occurred during a period when many banks were restricting their lending activities. Due to such significant growth, Dollar Bank became the largest independent mutual bank in the nation.* Mr. Oeler worked tirelessly to protect mutuality. He often refers to mutuality as the "purest form of banking" because it focuses on community needs verses the needs of shareholders.
In 2015, Mr. Oeler worked with congressman Keith Rothfus of Pennsylvania's Twelfth Congressional District to introduce to Congress the Mutual Bank Capital Opportunity Act. This bill creates a Mutual Capital Certificate. Mr. Oeler advocated strongly for the need for mutual banks to raise capital from a source other than retained earnings. This would permit institutions to grow and adjust their lending to meet the demands of the communities they serve and to compete more effectively with the larger stock based banks.
Mr. Oeler will remain Chairman of the Dollar Bank Board of Directors. Jim McQuade will become President and CEO of Dollar Bank and will be joining the Board of Directors.
Mr. Oeler also serves on the board of the Pittsburgh branch of the Federal Reserve Bank of Cleveland, the Allegheny Conference on Community Development, Carnegie Science Center and is a past Board Member for the American Bankers Association.
About Dollar Bank
Dollar Bank is the largest independent mutual bank in the nation with assets of more than $7 billion.*
Today, Dollar Bank operates more than 60 locations throughout the Pittsburgh and Cleveland metropolitan areas. For over 160 years, Dollar Bank has grown to become a large, full service, regional bank committed to providing the highest quality of banking services to individuals and businesses. Dollar Bank (www.dollar.bank) is headquartered in Pittsburgh, Pennsylvania.
*Source: fdic.gov, Mutual Institutions as of 12/31/15.
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Contact Information:
CONTACT:
Joseph B. Smith
Senior Vice President
412-261-5037
Jsmith835@dollarbank.com
