20110425-NEWS--1-NAT-CCI-CL_-- 4/22/2011 1:44 PM Page 1 $1.50/APRIL 25 - MAY 1, 2011 INSIDE In twist, home equity loans rise Metro goes off campus manager. New dollars deployed in The county-subsidized health And borrowers seemingly are more prudent, unlike past frivolity those home equity loans — which system is continuing an initiative it carry fixed rates — climbed 400% in started last summer By MICHELLE PARK numerous financial institutions are seen for years,” said Randy Corbin, 2010 over 2009, and the upward to bulk up its outpa- [email protected] seeing big gains in their home equity Charter One senior vice president trend continues this year. Volume tient operations at lending. and retail banking director for Ohio. was up 190% in this year’s first quarter community centers This is housing-related news some The dollar volume of Charter At KeyBank, home equity lines of over the year-ago period. across the city of might not expect. One Bank’s home equity loans and credit — which carry variable rates And after a decrease in home Cleveland and its Even though property values remain lines in Northeast Ohio shot up — have dropped in Northeast Ohio, equity loans and lines during the 12 suburbs. depressed and people’s equity in 229% in 2010 from 2009 levels, but home equity loans are up dra- months that ended in March 2009, Read Tim Magaw’s story on their homes is lower in many which were up 35% from 2008. matically, said Cindy Balser, senior Eaton Family Credit Union recorded Page 8. cases than it was a few years back, “It’s grown at a pace unlike we’ve vice president and senior product See EQUITY Page 19 After buying CLEANUP AmTrust, th NYCB adds ON WEST 25 local staff — AND STAT! Since deal in late 2009, Community leaders strategizing on how to bank focuses on stability revitalize corridor between zoo, market By MICHELLE PARK [email protected] By JAY MILLER [email protected] It’s been nearly a year and a half since New York Community Bank eople are beginning to pay attention began operating in Northeast Ohio to a tattered stretch of one of the where AmTrust Bank once did, and West Side’s main streets. the company has added to its staff P A group of employers and commu- and business operations here just as nity leaders have begun meeting to plot a executives said it would. strategy for improving the look of a three- Westbury, N.Y.-based NYCB acquired mile stretch of West 25th Street in Cleveland the failed AmTrust Bank in Decem- and linking a group of island neighborhoods ber 2009 in a deal arranged by the into a cohesive residential and employment Federal Deposit Insurance Corp. It district. The hope is to spark redevelopment assumed $8.2 billion in deposits of the neighborhood comparable to what is and 66 branches in three states and occurring in the nearby Detroit-Shoreway operates here as Ohio Savings Bank. neighborhood and in the Midtown area east Though not typically what the of downtown. company does after an acquisition, Spurring this community effort is the the thrift has brought certain opera- growth of two large employers — Metro- tions to Northeast Ohio. A call center Health Medical Center and L.J. Minor Co. — with nearly 100 employees in subur- in the middle of the corridor; coming ban Brooklyn has become NYCB’s changes in traffic flow; and an expected centralized retail banking call center, increase in tourist traffic through the corridor and NYCB also is in the process of with the opening of the new African Ele- moving some disaster recovery phant Crossing exhibit at the Cleveland services to Cleveland, said Joseph R. Metroparks Zoo and the development of the Ficalora, president and CEO of New Cuyahoga Valley scenic byway. York Community Bancorp, NYCB’s The segment of West 25th that is the topic holding company. As a result, one of of discussion runs from Ohio City and the two disaster recovery sites in New See CLEANUP Page 7 York will close. “These are things that we’re doing JASON MILLER PHOTOS in Ohio that we weren’t doing before,” Community leaders hope to spark growth along the West 25th Street corridor, See NYCB Page 20 similar to that in the Detroit-Shoreway and Midtown areas. SPECIAL SECTION 17 6 BUSINESS TRAVEL NEWSPAPER Studies predict an uptick for 2011, but previous Entire contents © 2011 71486 01032 cutbacks spared area companies ■ Page 15 by Crain Communications Inc. Vol. 32, No. 17 0 PLUS: FAMILIES TAG ALONG ■ FLYING IN STYLE ■ & MORE 20110425-NEWS--2-NAT-CCI-CL_-- 4/22/2011 12:08 PM Page 1 2 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM APRIL 25 - MAY 1, 2011 COMING NEXT WEEK A WORLD OF DIFFERENCE China is clearly a major player in the global economy, but it has a long way to go Heart and soul before it reaches parity with much of the world in labor costs. As measured in U.S. dollars, Chinese hourly labor compensation costs in manufacturing were 4% We honor this year’s health of those in the United States in 2008, the latest year for which the U.S. Bureau 700 W. St. Clair Ave., Suite 310, care heroes in the following of Labor Statistics could assemble global data. China’s costs “were roughly on Cleveland, OH 44113-1230 par with those of some developing countries like the Philippines, but lagged Phone: (216) 522-1383 categories: advancements in behind those of other countries like Mexico and Brazil,” according to the BLS. Fax: (216) 694-4264 health care, allied health, The average hourly compensation cost in China in 2008 was $1.36. Here’s www.crainscleveland.com how compensation costs stack up globally, with the U.S. indexed to 100: health care advocate, nurse, Publisher/editorial director: Brian D. Tucker ([email protected]) physician, volunteer and Country/region Index of hourly compensation costs Editor: corporate wellness. Europe 134 Mark Dodosh ([email protected]) Managing editor: United States 100 Scott Suttell ([email protected]) REGULAR FEATURES Sections editor: Japan 86 Amy Ann Stoessel ([email protected]) Assistant editors: Best of the Blogs ..........22 List: Commercial East Asia 41 Joel Hammond ([email protected]) Classified.....................21 contractors ...............18 Sports Mexico 13 Kathy Carr ([email protected]) Editorial .......................10 Personal View ..............10 Marketing and food Letter ..........................11 Reporters’ Notebook ....22 Philippines 5 Senior reporter: Stan Bullard ([email protected]) Going Places................14 The Week.....................22 China 4 Real estate and construction Reporters: Jay Miller ([email protected]) Government Chuck Soder ([email protected]) Technology Dan Shingler ([email protected]) Manufacturing Tim Magaw ([email protected]) Health care & education Michelle Park ([email protected]) Finance unlock Research editor: Deborah W. 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CS10985 602407374 20110425-NEWS--3-NAT-CCI-CL_-- 4/22/2011 12:04 PM Page 1 APRIL 25 - MAY 1, 2011 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 3 INSIGHT Fuel cell growth lags, and state support wanes Advocates say they must better educate policymakers on industry’s vast potential By CHUCK SODER support for fuel cell research [email protected] and that state support for the industry is in question. Convincing Rolls-Royce Several speakers argued Fuel Cell Systems to keep that the industry needs to expanding its U.S.