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Historic branch predates 1919 Goodyear Hall
By Jim Mackinnon
Beacon Journal business writer
Published on Friday, Dec 05, 2008
A little bit of Akron banking history will end operations early next year.
National City is closing its distinctive-looking branch next to Goodyear Hall that once was home to tire maker Goodyear's bank subsidiary created in 1933.
The branch at East Market Street, across the street from Goodyear Tire & Rubber Co.'s headquarters, will close at noon on Feb. 27, the bank said in mailings to customers.
Plans to close the branch were in place before the announcement in October that Pennsylvania-based PNC Financial Services will buy National City for $5.2 billion, a spokeswoman for Cleveland-based National City said.
''We regularly review our branch systems,'' said Kelly Wagner Amen. ''We make decisions on a regular basis.''
National City did not say what will happen to the soon-to-be vacated branch.
Goodyear said a lease with National City runs beyond the branch's closing date in February. The company did not provide details on the lease arrangement.
The East Akron branch building has a unique triangular design and features massive columns decorated with the
heads of coins, such as Mercury from old dimes and the Indian head from long-out-of-circulation buffalo nickels.
Goodyear Hall is one of the main properties scheduled to be redeveloped as part of a $900 million Goodyear headquarters project.
Customers who use what is called the Goodyear Main branch will be referred to National City's Goodyear Heights branch. The change does not affect customer deposit or loan accounts, according to the letter sent to customers.
Customers with safe deposit boxes at the branch need to relocate the contents to other branches no later than Dec. 31, the bank said.
National City bought Goodyear Bank in 1982 for $39 million. At the time of the merger, Goodyear Bank had assets of about $285 million, with 175 employees at 12 branches in Summit County, making it the fourth largest of Akron's five biggest banks.
National City initiated the talks with Goodyear and was the only bank to bid on the Goodyear subsidiary. The Goodyear Bank name was dropped in favor of National City because Goodyear preferred not having another company operating with its name. Goodyear executives said they decided to sell the bank because that was the best way the bank could grow.
The Goodyear State Bank subsidiary was formed to provide financial services to Goodyear employees and businesses and was one of the few banks in the nation at the time owned by a nonfinancial institution. Goodyear executives decided to create the bank after the failure in the Depression of the First Central Trust Co.
First Central, in turn, grew out of a series of mergers that included Ohio Savings and Trust Co., the first in a series of banks to occupy the site. The branch building actually predates the opening of Goodyear Hall in 1919.
In another bit of Akron banking trivia, the branch had what was one of the first drive-in bank windows created in the city. The drive-in off Goodyear Boulevard opened in November 1952 and featured two tellers protected by bulletproof glass.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
A little bit of Akron banking history will end operations early next year.
National City is closing its distinctive-looking branch next to Goodyear Hall that once was home to tire maker Goodyear's bank subsidiary created in 1933.
The branch at East Market Street, across the street from Goodyear Tire & Rubber Co.'s headquarters, will close at noon on Feb. 27, the bank said in mailings to customers.
Plans to close the branch were in place before the announcement in October that Pennsylvania-based PNC Financial Services will buy National City for $5.2 billion, a spokeswoman for Cleveland-based National City said.
''We regularly review our branch systems,'' said Kelly Wagner Amen. ''We make decisions on a regular basis.''
National City did not say what will happen to the soon-to-be vacated branch.
Goodyear said a lease with National City runs beyond the branch's closing date in February. The company did not provide details on the lease arrangement.
The East Akron branch building has a unique triangular design and features massive columns decorated with the
heads of coins, such as Mercury from old dimes and the Indian head from long-out-of-circulation buffalo nickels.
Goodyear Hall is one of the main properties scheduled to be redeveloped as part of a $900 million Goodyear headquarters project.
Customers who use what is called the Goodyear Main branch will be referred to National City's Goodyear Heights branch. The change does not affect customer deposit or loan accounts, according to the letter sent to customers.
Customers with safe deposit boxes at the branch need to relocate the contents to other branches no later than Dec. 31, the bank said.
National City bought Goodyear Bank in 1982 for $39 million. At the time of the merger, Goodyear Bank had assets of about $285 million, with 175 employees at 12 branches in Summit County, making it the fourth largest of Akron's five biggest banks.
National City initiated the talks with Goodyear and was the only bank to bid on the Goodyear subsidiary. The Goodyear Bank name was dropped in favor of National City because Goodyear preferred not having another company operating with its name. Goodyear executives said they decided to sell the bank because that was the best way the bank could grow.
The Goodyear State Bank subsidiary was formed to provide financial services to Goodyear employees and businesses and was one of the few banks in the nation at the time owned by a nonfinancial institution. Goodyear executives decided to create the bank after the failure in the Depression of the First Central Trust Co.
First Central, in turn, grew out of a series of mergers that included Ohio Savings and Trust Co., the first in a series of banks to occupy the site. The branch building actually predates the opening of Goodyear Hall in 1919.
In another bit of Akron banking trivia, the branch had what was one of the first drive-in bank windows created in the city. The drive-in off Goodyear Boulevard opened in November 1952 and featured two tellers protected by bulletproof glass.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
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