Blue Grass Federal Completes Affiliation with First Mutual Holding Co.
September 14, 2020 |
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Blue Grass Federal Savings & Loan Association (“Blue Grass Federal”) of Paris, Kentucky, is officially an affiliate of First Mutual Holding Co. (FMHC), a depositor-owned holding company headquartered in Ohio. Blue Grass Federal and FMHC previously announced the intention to form an affiliate relationship pending member and regulatory approval.
Blue Grass Federal, with $35 million in assets, will continue to operate under its own name and charter and with the management team and all employees continuing in their current roles. The Blue Grass Federal Board of Directors will also remain in place, with David Yeiser serving as board chair.
“Since 1959, Blue Grass Federal has been serving Bourbon County and the surrounding communities,” said Shanda L. Smith, president & CEO of Blue Grass Federal. “By affiliating with First Mutual Holding Co., we receive numerous benefits that come from having the support of an established and respected member-owned holding company. That means we can even more effectively serve the best interests of our customers and community while retaining our mutual form of ownership.”
The affiliation with FMHC enables Blue Grass Federal to offer its customers a greater variety of financial products and services, including mobile banking, business checking accounts and additional consumer accounts. Blue Grass Federal also benefits from FMHC’s state-of-the-art data processing, operational and financial reporting systems.
“Communities are given more tools to thrive when deposit dollars are kept local and local businesses promote economic development. FMHC was formed on the belief that community banks—especially mutual community banks—are vital to all communities. We back this belief up by providing the support and resources that mutual banks like Blue Grass Federal need to thrive,” said Thomas J. Fraser, CEO of FMHC. “Blue Grass Federal has a long, customer-focused history and we’re pleased to help ensure that legacy continues to grow as Blue Grass Federal is better able to meet customer needs today and into the future.”
About First Mutual Holding Co.
First Mutual Holding Co. (FMHC) is a member-owned holding company headquartered in Ohio. FMHC provides a structure that allows independent affiliate banks to continue to serve their communities and grow as member-owned institutions. Affiliates of FMHC include First Federal Lakewood (Lakewood, OH), First Mutual Bank FSB, (Belpre, OH), Blue Grass Federal Savings and Loan (Paris, KY), and Warsaw Federal Savings and Loan (Cincinnati, OH).. firstmutualholding.com
About Blue Grass Federal Savings & Loan Association
Blue Grass Federal is an independent mutual bank based in Paris, Kentucky, with $35 million in assets. Blue Grass Federal has provided banking products and services to Bourbon County and the surrounding communities since 1959. bluegrassfederal.com