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.

Thomas Fraser
First Mutual Holding, led by CEO Thomas Fraser, plans to merge with Doolin Security Savings Bank to create a mutual with nearly $100 million in assets.

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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