Cuyahoga Falls Savings Bank will be holding its grand opening on Tuesday, July 6 at the savings bank at 2503 State Road, Cuyahoga Falls. This institution, which opened for business on June 15, is Ohio's second newly created state-chartered savings.

Director of Commerce Gary C. Suhadolnik, Superintendent of Financial Institutions F. Scott O’Donnell, and Deputy Superintendent for Savings and Loans/Savings Banks Neil Danziger will be attending the grand opening.

"The opening of Cuyahoga Falls Savings Bank provides an additional option for consumers as they select their financial institution of choice," said Superintendent O'Donnell.

Cuyahoga Falls Savings Bank is the second state-chartered savings bank to be chartered from its inception. On March 8, The Arlington Bank in Upper Arlington became the first newly created state-chartered savings bank in Ohio. Of Ohio’s 25 state-chartered savings banks, 24 were former savings and loans which transferred to a savings bank charter.

Superintendent O'Donnell issued the Certificate of Authority to Commence Business on June 15. The chief executive officer of the savings bank is Rodney W. Vargo.

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The Ohio Department of Commerce's Division of Financial Institutions regulates Ohio's state-chartered financial institutions. In addition to financial institutions, Commerce also regulates securities, industrial compliance, fire codes, unclaimed funds, liquor, and real estate, among other industries. The department's internet address is www.com.state.oh.us