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

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

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.

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.”

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Community banking Mutual banks M&A Ohio West Virginia