First Mutual Holding Co. has closed its transaction with Martinsville First Savings Bank of Martinsville, Va. effective March 1, officially marking the mutual bank holding company's fifth affiliation since the inception of FMHC in 2015.
Martinsville First, which has about $39 million in assets, will continue operating under its own name and charter and with the same management team — retaining that independence and heritage is something that appeals to mutual banks affiliating with FMC. The banks last September announced plans to affiliate.
"The resources and support of First Mutual Holding Co. allow us to expand our products, services and technology to better meet the needs of our customers and attract new individuals and business customers to our bank," said Roger Hornsby, president and CEO of Martinsville First, in a statement. "We look forward to building on our long history of community involvement and investment to help the economic development in our markets."
FMHC comprises five affiliated mutual banks now including First Federal of Lakewood.
For depositor-owned mutual banks, affiliations like these with FMHC are akin to a merger at the holding company level among commercial banks, except there is no money exchanged and the affiliating bank retains its independence. The benefits come with the scale afforded to the smaller banks through the parent company.
"We're committed to the independent-banking model and helping communities thrive by keeping deposit dollars local to support families and community organizations," said Tom Fraser, president and CEO of FMHC, in a statement. "Throughout its history, Martinsville First has demonstrated the same beliefs in serving local customers and community, and we couldn't be happier to welcome Martinsville First to the FMHC family of mutual banks."
In 2020, FMHC completed integrations with affiliates Blue Grass Federal Savings & Loan Association of Paris, Ky. ($34 million in assets) and Warsaw Federal Savings and Loan Association of Cincinnati ($56 million in assets).
Other banks to roll under the FMHC umbrella are Belpre Savings Bank in Ohio and Doolin Security Savings Bank of Parkersburg. W.Va. Both of those banks, which were struggling to grow, were combined under First Mutual Bank in 2018.
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March 02, 2021 at 02:10AM
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First Mutual Holding Co. completes affiliation with Martinsville First Savings Bank - Crain's Cleveland Business
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