Martinsville First Savings Bank (Martinsville First) of Martinsville, Virginia officially became the fifth affiliate bank of First Mutual Holding Co. (FMHC) with the transaction close on March 1, 2021. FMHC, a depositor-owned mutual holding company headquartered in Ohio, and Martinsville First announced the intent to affiliate in September 2020.
Martinsville First will continue to operate under its own name and charter and remain an autonomous mutual bank with the same management team and employees. Martinsville First’s 96-year history of community reinvestment will continue to serve the people and businesses within Martinsville and Henry County.
“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 P. Hornsby, president and CEO of Martinsville First. “We look forward to building on our long history of community involvement and investment to help the economic development in our markets.”
With the affiliation, Martinsville First will offer enhanced products and services for consumers and businesses. In addition, the bank will look to scale FMHC’s technology, operational and financial expertise into expansion opportunities.
“We’re committed to the independent-banking model and helping communities thrive by keeping deposit dollars local to support families and community organizations,” said Thomas J. Fraser, president and CEO of FMHC. “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.”
ProBank Austin served as a financial advisor to FMHC in this transaction, and Vorys, Sater, Seymour and Pease LLP served as legal advisor to FMHC. Luse Gorman, PC served as legal advisor to Martinsville First.
About First Mutual Holding Co.
First Mutual Holding Co. (FMHC) is a member-owned holding company headquartered in Ohio. 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), First Mutual Bank FSB, (Belpre, OH), Blue Grass Federal Savings and Loan (Paris, KY), Warsaw Federal Savings and Loan (Cincinnati, OH) and Martinsville First Savings Bank (Martinsville, VA).
About Martinsville First
Martinsville First Savings Bank is an independent mutual bank based in Martinsville, Virginia with approximately $40 million in assets. Martinsville First has provided banking products and services to Martinsville and Henry County and the surrounding communities since 1924. martinsvillefirst.com