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(FMHC) is a member-owned mutual holding company in the Midwest.
The affiliation with FMHC and First Federal Lakewood will enable Belpre Savings to offer its customers a wider range of financial products and services such as mobile banking, investment services and credit-related products.
FMHC was established as a depositor-owned mutual holding company on August 3, 2015, and is believed to be the first such holding company created since the Dodd-Frank Act reformed the financial services industry nearly five years ago.
As a member-owned mutual holding company, FMHC provides a structure that allows independent affiliate banks to continue to serve their communities and grow as member-owned institutions.
Affiliates of FMHC include First Federal Lakewood (Lakewood, OH) and Belpre Savings Bank (Belpre, OH).
As per the agreement, New Martinsville, West Virginia-based Doolin will combine with FMHC subsidiary, Belpre Savings Bank.
Doolin will also benefit from FMHC's high-tech data processing, operational and financial reporting systems following its integration with Belpre Savings Bank.
With USD51m in assets, Belpre Savings will join First Federal Lakewood, an 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 hometown bank.
In addition, Belpre Savings will be able to enhance its information security, compliance and risk management systems cost-effectively as a result of its affiliation with FMHC.
Thomas J Fraser, president and chief executive officer of First Federal Lakewood and FMHC, said, 'First Mutual Holding Co.
The report comes after FMHC was established as a depositor-owned mutual holding company on August 3, 2015.
With USD51m in assets, Belpre Savings 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 charter and name and continue to serve its customers and community as Belpre's only local bank.
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