#United States #Lakewood #First Federal Lakewood #Centerburg #Mutual Bank

First Federal Lakewood and First Federal of Centerburg Merge

In a significant move within Ohio’s banking landscape, First Federal Lakewood, the state’s largest mutual bank, has announced a definitive merger agreement to acquire First Federal of Centerburg. This strategic decision aims to bolster the commitment to mutual banking while enhancing customer service and community support.

Slated for completion in the first quarter of 2026, the merger is subject to regulatory approvals and the consent of First Federal of Centerburg’s members. Both banks have long histories of promoting community-focused banking solutions, and this merger further reinforces their shared dedication to serving local residents and businesses.

Tim Phillips, President and CEO of First Federal Lakewood, expressed excitement about the merger. “We are thrilled to carry forward the mutual values that both institutions have upheld for nearly a century. Our goals align perfectly with enhancing services for Centerburg customers while ensuring a seamless transition,” said Phillips.

The merger is set to offer customers of First Federal of Centerburg access to enhanced banking products and modern technological resources, a beneficial upgrade for the community.

In a bid to maintain the integrity of its customer relationships, the merged institution plans to continue the personalized service that Centerburg residents appreciate. As part of this merger, First Federal Lakewood is creating a Centerburg-focused community investment fund. This initiative includes a generous commitment of $250,000, aimed at directing financial support towards local initiatives that foster community growth.

Terry Bumpus, President and CEO of First Federal of Centerburg, commented on the merger, stating, “Joining forces with First Federal Lakewood, a leader in mutual banking, will allow us to continue our legacy of serving our community. We aim to maintain the same personal relationships and level of service that our customers have come to value.”

Following the merger, First Federal of Centerburg will adopt the First Federal Lakewood name but will continue to be a trusted financial partner for its community. This transition marks a significant moment in the Ohio banking sector, emphasizing the importance of community-driven financial services.

About First Federal Lakewood
Founded in 1935, First Federal Lakewood has grown to become Ohio's largest independent depositor-owned bank, boasting assets of $3 billion. With a network of 20 full-service branches and three mortgage lending offices across Ohio, the bank offers various financial services, including deposit accounts, lending, residential mortgage services, cash management, and investment services to both individuals and businesses.

About First Federal of Centerburg
Since its inception in 1934, First Federal of Centerburg has been a fixture in the community, dedicated to meeting the financial needs of local families and businesses. As a depositor-owned institution with $22.5 million in assets, the bank is committed to enhancing economic growth within its communities while delivering trustworthy financial services.

This merger not only signifies a promising future for both institutions but also holds the potential for meaningful advancements in community support and financial service accessibility across Ohio.