Media Mentions

After makeover, Cincinnati mutual bank receives MDI designation

A 130-year-old community bank has a new look.

Warsaw Federal Savings and Loan Association becomes second Minority Depository Institution in Ohio

An affiliate of Lakewood’s First Mutual Holding Co. (FMHC) has become just the second Minority Depository Institution (MDI) in Ohio in a move that may present a model for other financial institutions and aspiring MDIs to follow.

West Side bank lands Minority Depository Institution designation, targets $30M in new capital

A small, two-branch West Side bank has become Greater Cincinnati’s only Minority Depository Institution, giving local minority consumers and small-business owners another source of capital and banking services.

Ohio mutual lines up deal for southern Virginia bank

Roger Hornsby, president and CEO of the $40 million-asset Martinsville First Savings Bank, calls it the “trials and tribulations of a very small financial institution.” Earlier this year, the southern Virginia mutual’s core provider gave Hornsby a “drop-dead date” to update its operating system, spurring management to meet with the board and discuss their options — including affiliating with First Mutual Holding in Lakewood, Ohio.

Martinsville First Savings Bank to be next affiliate under First Mutual Holding Co.

First Mutual Holding Co. has announced an affiliation with Martinsville First Savings Bank of Martinsville, Va., in a combination that adds a new foothold for the parent company of First Federal Lakewood in the state. The transaction is slated to close in the first quarter of 2021, pending regulatory and member approvals.

First Mutual in NE Ohio affiliating with Martinsville First Savings Bank

Martinsville First Savings Bank of Martinsville, Virginia, said it has agreed to affiliate with First Mutual Holding Co. Lakewood, Ohio-based First Mutual Holding Co. (FMHC) said Martinsville First, located between Roanoke, Virginia and Greensboro-High Point, North Carolina, “intends to leverage FMHC’s scale into expansion opportunities.”

Martinsville First Savings Bank to Affiliate with First Mutual Holding Co.

First Mutual Holding Co. (“FMHC”), a member-owned holding company headquartered in Ohio, today announced that Martinsville First Savings Bank (“Martinsville First”) of Martinsville, Virginia, agreed to affiliate with FMHC, pending approval of regulatory agencies and of voting members of Martinsville First.

Smaller loan requests stretch out second round of PPP; funding ‘maybe’ will last another week

Considering how quickly the first round of funding for the Paycheck Protection Program was burned through and the ongoing demand for small business support amid the COVID-19 outbreak, initial expectations were that the second round of funding would evaporate in as quickly as 48 hours. Those concerns have not panned out, but time is still of the essence for applicants to get a piece of the existing funding.

First Mutual Holding is preserving mutual banking

With only 490 left today, more than 90% of the country’s mutual bank charters have evaporated in the past 50 years. Helping the holdouts not just survive, but thrive, is where First Mutual Holding Co. (FMHC) and its CEO, Tom Fraser, come in.

First Mutual Holding Co. marks latest affiliation with Warsaw Federal Savings and Loan Association of Cincinnati

First Mutual Holding Co. has announced its latest mutual bank affiliation in a combination with Warsaw Federal Savings and Loan Association of Cincinnati. The transaction is slated to close in Q1 of 2020, pending regulatory and member approvals. Being an affiliation among depositor-owned mutual banks, there’s no money exchanged in the deal.

A mutual preservation pact in Ohio-Kentucky deal

An Ohio mutual believes it is gaining momentum in a four-year-old effort to preserve small depositor-owned institutions. First Mutual Holding, the parent of the $2 billion-asset First Federal Lakewood, agreed on Friday to acquire the $35 million-asset Blue Grass Federal Savings & Loan Association in Paris, Ky.

First Mutual Holding Co. affiliates with Blue Grass Federal Savings & Loan of Kentucky in its latest affiliation

First Mutual Holding Co., the parent company of mutual banks First Federal Lakewood and First Mutual Bank in Belpre, has announced its latest affiliation with Blue Grass Federal Savings & Loan Association of Paris, Ky.

Could sharing services be the key to survival for mutuals?

The leader of an Ohio mutual has a plan to keep mutual banks from becoming extinct. Thomas Fraser believes in the cause so much that he recently gave up day-to-day oversight of First Federal Lakewood in Ohio. Fraser, who will remain CEO of the $1.8 billion-asset mutual’s holding company, will spend more time pursuing mergers with other depositor-owned institutions. At the same time, he is looking to create more ways for independent-minded mutuals to remain relevant.