LAKEWOOD, Ohio, Oct. 28, 2025 /PRNewswire/ -- First Federal Lakewood, the largest mutual bank headquartered in Ohio, today announces a definitive merger agreement to acquire First Federal Savings & Loan Association of Centerburg (First Federal of Centerburg), underscoring its ongoing commitment to mutual banking and its mission of supporting customers and communities through locally focused, people-first service. Expected to be complete in the first quarter of 2026, the merger is subject to regulatory and First Federal of Centerburg member approval.

The merger will preserve and strengthen the mutual banking model in Ohio, ensuring that a customer-owned institution remains an active force for local growth and opportunity. First Federal of Centerburg customers will benefit from enhanced banking products, expanded services, and greater access to modern banking technology.

"We are thrilled to continue the shared values of mutuality and community commitment that have defined both institutions for nearly a century, and we are committed to ensuring a smooth transition for Centerburg customers and employees," said Tim Phillips, President and CEO of First Federal Lakewood. "We also plan to build on First Federal of Centerburg's strong community presence and support of local initiatives by creating a Centerburg focused community investment fund, supported by a $250,000 contribution and directed by the First Federal of Centerburg team."

"We are pleased at the prospect of joining a leader in mutual banking like First Federal Lakewood, with a strong commitment to mutual banking and community-focused service," said Terry Bumpus, President and CEO of First Federal of Centerburg. "We will focus on continuing our legacy of serving the Centerburg community by maintaining the same personal relationships and local service that our customers value."

Following the merger, First Federal of Centerburg will assume the First Federal Lakewood brand, continuing to serve as a trusted financial partner for the community.

About First Federal Lakewood

First Federal Lakewood is the largest independent depositor-owned bank headquartered in Ohio with assets of $3 billion. With 20 full-service branch locations and three mortgage lending offices throughout Ohio, First Federal Lakewood provides deposit, lending, residential mortgage lending, cash management and investment services to individuals and businesses. Since 1935, First Federal Lakewood has been a stable, community-owned bank committed to deploying funds that foster local economic growth. FFL.bank

About First Federal of Centerburg

Since 1934, First Federal of Centerburg has served as a trusted mutual bank, focused on meeting the financial needs of its customers and community. As a depositor-owned institution with assets of $22.5 million, the bank remains dedicated to helping individuals, families, and local businesses achieve their goals while fostering economic growth in the communities served.

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SOURCE FIRST FEDERAL LAKEWOOD