Community banking

Ohio, West Virginia mutuals look to preserve beleaguered model with merger

Published May 11, 2017, 10:38 a.m. EDT

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Updated May 11, 2017, 4:13 p.m. EDT

1 Min Read

Belpre Savings Bank in Ohio is merging with Doolin Security Savings Bank in West Virginia.

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Belpre Savings, a subsidiary of First Mutual Holding Co. in Lakewood, Ohio, and Doolin Security both have $48 million in assets. The deal is expected to close in the third quarter; financial terms were not disclosed.

Thomas Fraser — © MORT TUCKER PHOTOGRAPHY [#Beginning of Shooting Data Section] Nikon D200 2008/01/07 12:26:27.9 Compressed RAW (12-bit) Image Size: Large (3872 x 2592) Color Lens: 18-125mm F/3.3-5.6 G Focal Length: 78mm Exposure Mode: Manual Metering Mode: Center-Weighted 1/125 sec - F/7.1 Exposure Comp.: 0 EV Sensitivity: ISO 100 Optimize Image: Portrait White Balance: Auto AF Mode: AF-C Flash Sync Mode: Flash Mode: Auto Flash Comp: Color Mode: Mode I (Adobe RGB) Tone Comp.: Auto Hue Adjustment: 0° Saturation: Auto Sharpening: Medium low Image Comment: Long Exposure NR: Off High ISO NR: Off [#End of Shooting Data Section]

Belpre Savings was formed in 1902. Doolin opened in 1896.

“We are strong advocates of mutuality in the financial services industry,” Thomas Fraser, First Mutual’s president and CEO, said in the release. “Mutual institutions play a vital role in promoting economic development and supporting essential civic and charitable organizations within their local communities.”

Founder, Bank Slate

Paul Davis is the founder of Bank Slate, a financial strategy and research firm. He previously led community bank coverage at American Banker.

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