Martinsville First Savings Bank to Affiliate with First Mutual Holding Co.


First Mutual Holding Co. (“FMHC”), a member-owned holding company headquartered in Ohio, today announced that Martinsville First Savings Bank (“Martinsville First”) of Martinsville, Virginia, agreed to affiliate with FMHC, pending approval of regulatory agencies and of voting members of Martinsville First.

The affiliation with FMHC will enable Martinsville First to offer its customers a wider range of financial products and services, including small business loans, mobile banking, and an enhanced suite of residential and commercial lending options. Situated between Roanoke, VA, and Greensboro-High Point (NC), Martinsville First intends to leverage FMHC’s scale into expansion opportunities. In addition, Martinsville First will benefit from FMHC’s technology, operational, and financial expertise. 

“We believe strongly in the independent-banking model and in the vital role strong mutual banks play in helping their communities thrive by keeping deposit dollars local, promoting economic development, and supporting local families and organizations,” said Thomas J. Fraser, president and CEO of FMHC. “Martinsville First is a perfect fit for FMHC’s independent-banking model, where we assist community banks to serve local customers and markets, and enhance prospects for balance sheet growth and increased profitability.”

“This strategic partnership will expand our resources to better serve the individuals and businesses in our market area,” said Roger P. Hornsby, president & CEO of Martinsville First. “This affiliation provides a way to ensure we continue to prosper, while preserving our mutual form of ownership, including retaining our local Board of Directors, management team and employees. We are committed to continue supporting our vibrant local community in Martinsville and Henry County, Virginia as we have done for almost 100 years.”

The transaction is expected to close during the first quarter of 2021.  ProBank Austin served as a financial advisor to FMHC in this transaction, and Vorys, Sater, Seymour and Pease LLP served as legal advisor to FMHC. Luse Gorman, PC served as legal advisor to Martinsville First.

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).

About Martinsville First
Martinsville First Savings Bank is an independent mutual bank based in Martinsville, Virginia with approximately $40 million in assets. Martinsville First has provided banking products and services to Martinsville and Henry County and the surrounding communities since 1924.