LAKEWOOD, OH, September 27, 2019 - First Mutual Holding Co. (FMHC), a member-owned holding company headquartered in Ohio, today announced that Warsaw Federal Savings and Loan Association (“Warsaw Federal”) of Cincinnati, Ohio, agreed to affiliate with FMHC, pending approval of regulatory agencies and Warsaw Federal members.
Through the affiliation with FMHC, Warsaw Federal will strengthen its position in the marketplace and offer its customers a wider range of financial products and services, including a broader suite of residential mortgage and commercial loan options. Warsaw Federal will also benefit from FMHC’s information security and technology solutions, operational and financial reporting systems.
“Warsaw Federal has a long history of community investment that dates back to 1893. We had been looking to strategically align with a like-minded partner to enhance the products and services we offer our customers and support our commitment to the community,” said Richard T. Flynn, president, Warsaw Federal. “After careful consideration, we determined FMHC was the ideal partner, offering both a closely aligned culture and shared mutual mindset. We will continue to be a 100-percent mutual bank and operate under the Warsaw Federal name and charter, with the same management team and employees, while receiving the substantial backing and resources FMHC offers to help us grow our business and further invest in our greater Cincinnati neighborhoods.”
“FMHC is dedicated to a singular mission: helping mutual banks prosper in today’s financial climate so they can serve their communities and help them thrive. Our independent-banking model enables community banks like Warsaw Federal to affiliate with FMHC to gain economies of scale, expand product and service offerings and realize greater operational efficiencies while still remaining an autonomous mutual bank,” said Thomas J. Fraser, president and CEO of FMHC. “Warsaw Federal has a strong presence in the Cincinnati communities it serves. The ability to invest in those communities stands to be strengthened with more opportunity for balance sheet growth and increased profitability as an FMHC affiliate.”
The transaction is expected to close during the first quarter of 2020. ProBank Austin served as financial advisor and Luse Gorman, PC served as legal counsel to FMHC for this transaction. Dinsmore & Shohl LLP served as legal counsel to Warsaw Federal for this transaction.
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) and First Mutual Bank (Belpre, OH). firstmutualholding.com
Warsaw Federal Savings and Loan Association
Warsaw Federal is an independent mutual bank based in Cincinnati, Ohio. Warsaw Federal operates two branch locations, providing banking products and services to individuals and businesses in greater Cincinnati and the surrounding communities. With roots in the community since 1893, Warsaw Federal is committed to creating healthy and vibrant communities. warsawfederal.com
Chief Strategy Officer, FMHC