First Federal Lakewood in Ohio has agreed to acquire First Federal Savings and Loan Association of Centerburg in Ohio.
The merger between the $3 billion-asset First Federal Lakewood and the $22.5 million-asset First Federal S&LA is expected to close in the first quarter. The terms were not disclosed.
The combined organization aims to preserve the customer-owned structure while expanding products, technology, and reach for Centerburg-area customers.
“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,” Tim Phillips, the president and CEO of First Federal Lakewood, said in a statement.