First Mutual Bank Launches In Ohio

LAKEWOOD, OH — Doolin Security Savings Bank, FSB and Belpre Savings Bank are merging to become the First Mutual Bank. The deal is being facilitated by Lakewood-based First Mutual Holding Company (FMHC), the largest member-owned mutual holding company of its kind in the Midwest.

"Strong mutual banks play an important role in their local communities," said Thomas J. Fraser, president and CEO of FMHC. "First Mutual Holding Co. was established to preserve this vital community asset and we are excited to help support First Mutual Bank's continued growth and commitment to customers."

First Mutual Bank will be headquartered in Belpre, Ohio. Branches will be located in Belpre and New Martinsville, Ohio and Parkersburg, West Virginia.

The two despositor-owned banks will have four banking offices, in total, and $96 million of pro forma assets. Being affiliated with FMHC will also give customers additional mortgage, deposit and business lending products, as well as expanding banking services.

"This is an exciting time because we are building a stronger future as First Mutual Bank to better serve the communities in the Mid-Ohio Valley Region," said First Mutual Bank President and CEO Robert J. Doyle. "Through the merger of Belpre and Doolin, we've changed our name to First Mutual Bank, but our commitment to the communities we serve has not changed."

First Federal Lakewood is closely affiliated with FMHC. The FMHC is located within First Federal Lakewood's office building at 14806 Detroit Road.

Mutual holding companies effectively give independent banks a structure and framework to expand while still serving their communities, the FMHC said.

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