LAKEWOOD, Ohio and BELPRE, Ohio, Nov. 15, 2016 /PRNewswire/ -- First Mutual Holding Company (FMHC), the largest depositor-owned mutual holding company of its kind in the Midwest, today announced that it has affiliated Belpre Savings Bank.
Belpre Savings, with $51 million in assets, joins First Federal Lakewood, the largest independent depositor-owned bank headquartered in Ohio, as an affiliate of FMHC. Belpre Savings will continue to operate under its own name and charter, serving customers and the community as Belpre's only hometown bank. The management team and all employees will continue in their current roles. Belpre's board of directors will also remain in place, with Larry Arnold serving as board chair.
"First Mutual Holding Co. was formed because of our unwavering commitment to helping community banks to remain independent and continue to serve the vital role they play in the community," said Thomas J. Fraser, president and chief executive officer of First Federal Lakewood and FMHC. "We understood the challenges of affiliating a community bank and we were not deterred – it's just too important. Today, we're beyond pleased that we have received the full support of our regulatory agencies and Belpre's customers to move forward, and we officially welcome Belpre Savings Bank as an affiliate of First Mutual Holding Co."
The affiliation with FMHC will enable Belpre Savings to offer customers a wider range of financial products including mortgage and business lending products, as well as banking services, including mobile banking. Belpre Savings also will be able to more cost-effectively enhance its information security, compliance and risk management systems as a result of its integration into FMHC.
"Our affiliation with First Mutual Holding Co. allows us to be even more effective in serving the best interests of our customers and our hometown community," said Randy Shingleton, president of Belpre Savings Bank. "In addition to an enhanced product suite, we will soon add employees with expertise in business banking and mortgage lending to help further meet the needs of consumers and businesses in Belpre and Parkersburg."
The affiliation was legally completed on November 15, 2016.
First Mutual Holding Company
First Mutual Holding Company (FMHC) is the largest depositor-owned mutual holding company of its kind in the Midwest. FMHC provides a structure that allows independent community banks and other affiliates to continue to operate and grow in their local communities. firstmutualholding.com
First Federal Lakewood
First Federal Lakewood is the largest independent depositor-owned bank headquartered in Ohio with assets of $1.6 billion. With 18 full-service branch locations and 14 mortgage lending offices throughout Ohio, First Federal Lakewood provides deposit, lending, residential mortgage lending, cash management and investment services to individuals and businesses. Since 1935, First Federal Lakewood has been a stable community owned bank committed to deploying funds that foster local economic growth. FFL.net
Belpre Savings Bank
Since 1902, Belpre Savings Bank has served as Belpre, Ohio's only hometown bank. With $51 million in assets and two banking offices in downtown Belpre, Belpre Savings provides a full range of banking services to customers throughout southeast Ohio and the Parkersburg, West Virginia areas. belpresavingsbank.com
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SOURCE First Mutual Holding Co.