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Dollar Bank's Stephen Hansen Dies

August 22, 2007

Former CEO Transformed the Pittsburgh's Oldest Bank Over Three Decades

It is with great sadness that Dollar Bank announces that its former CEO, Stephen C. Hansen died yesterday, August 21, 2007 after a brief illness. He was 67.

After a distinguished career in public service with the FDIC, HUD and as a New York State Legislator, Mr. Hansen came to Dollar Bank in 1976 as a Senior Vice President. Two years later at age 38, he became the youngest president of what was then a $1 billion mutual savings bank. When he retired in early June of this year, Dollar Bank's assets topped $5 billion, making it the largest mutual savings bank in the nation.

A pioneer and visionary in the banking industry, Mr. Hansen began to transform the bank by adding checking accounts, then called NOW accounts, to the product mix. He then broadened the offerings of the bank further to include consumer lending, credit cards, corporate lending and leasing. At the height of the savings & loan crisis in 1984, he accepted an offer from the Federal Home Loan Bank of Cincinnati to have Dollar Bank acquire Cleveland's Continental Federal S&L.

Mr. Hansen often preached that the mutual form of banking allowed Dollar Bank to remain independent and therefore more innovative. Under his leadership, Dollar Bank was the first to offer free checking in the Pittsburgh market, and Mr. Hansen spearheaded the Freedom ATM Alliance, allowing customers of thirty smaller financial institutions to avoid paying ATM surcharge fees of the bigger banks. In 1997, Dollar Bank’s Online Banking service received an innovation award from the Smithsonian Institution.

Mr. Hansen felt a deep responsibility to the community as evidenced by his volunteer work. He was chair of the Regional Industrial Development Corporation, former chair of the American Respiratory Alliance and board member of the Cleveland Federal Reserve Board, the Carnegie Science Center, the Pittsburgh Regional Alliance, the Pittsburgh Airport Service Partnership and the World Affairs Council.

The bank's philanthropy was also reflective of Mr. Hansen. For ten years, the Dollar Bank Jamboree was his way annually to say "thank you" to the people of Pittsburgh. When invited to put the bank’s name on Pittsburgh's new David L. Lawrence Convention Center, he chose instead to create and donate to the Center the Regional Showcase, using world-class technology to visually present the region's history, culture and people to hundreds of thousands of visitors each year. He even asked the residents of the region to suggest names for the Center's 36,000 square foot ballroom.

A graduate of Princeton University and the University of Virginia Law School, Mr. Hansen is survived by his wife, Ethel Olmsted Hansen, son Lee C. Hansen, daughter-in-law Gretchen W. Hansen, two grandchildren Victoria A. and William L. Hansen, two nephews William P. Taft and Timothy E. Taft and his aunt Barbara C. Emeny.

Mr. Hansen will be interred in a family plot in Locust Valley, NY. A public memorial service will be held at the Fox Chapel Presbyterian Church on Tuesday, August 28, 2007 beginning at 11:00a.m., followed by a gathering of friends and family.

In lieu of flowers, donations may be made to the Boys and Girls Club of Western Pennsylvania, 5432 Butler Street, Pittsburgh, PA 15201, 412-782-5710.

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