First Federal Lakewood Appoints New President, CEO

From First Federal Lakewood: First Federal Lakewood, the largest independent depositor-owned bank headquartered in Ohio, today announced the appointment of Timothy E. Phillips as president & CEO. Phillips succeeds Thomas J. Fraser, who will now focus exclusively on his role as CEO of First Mutual Holding Co., the largest member-owned mutual holding company of its kind in the Midwest, with affiliates that include First Federal Lakewood and First Mutual Bank.

Phillips, a Northeast Ohio native and banking veteran, assumes the role effective today. Throughout his more than 25-year career in banking, he has served in leadership roles for financial institutions across Ohio, most recently as president of Westfield Bank.

"I've known Tim for a number of years and admired his strong focus on delivering a terrific customer experience and ensuring the right resources are in place to make that happen," said Fraser. "I look forward to working with him to continue the growth trajectory for First Federal Lakewood."

According to W. Chas Geiger III, board chair of First Federal Lakewood, "When we formed First Mutual Holding Co. several years ago, we did so with the commitment that preserving the mutual form of banking was important to every community. With Tom's expanded role as CEO of the holding company, we were pleased to find a proven leader in Tim, who shares our commitment to the importance of mutual banking."

"I'm thrilled to join a community-minded bank like First Federal Lakewood," said Phillips. "It's clear to me that the focus on customers, community and employees is at the core of the decision-making. It is a unique business model and culture, and one that will continue to drive success. "

Phillips holds a master's degree from University of Akron and a bachelor's degree from Miami University in Oxford, Ohio. He has served as a board member for many civic and community organizations, including the American Red Cross, Medina Creative Housing and the Highland School Foundation. He is a past chair for the Medina Hospital Foundation and is currently a director for the Medina Hospital, a Cleveland Clinic Regional Hospital.

Image Via First Federal Lakewood