First Federal Lakewood Appoints Timothy E. Phillips as President and CEO


First Federal Lakewood, the largest independent depositor-owned bank headquartered in Ohio, today announced the appointment of Timothy E. Phillips as president & CEO. Phillips succeeds Thomas J. Fraser, who will now focus exclusively on his role as CEO of First Mutual Holding Co., the largest member-owned mutual holding company of its kind in the Midwest, with affiliates that include First Federal Lakewood and First Mutual Bank.

Phillips, a Northeast Ohio native and banking veteran, assumes the role effective today. Throughout his more than 25-year career in banking, he has served in leadership roles for financial institutions across Ohio, most recently as president of Westfield Bank.  

“I’ve known Tim for a number of years and admired his strong focus on delivering a terrific customer experience and ensuring the right resources are in place to make that happen,” said Fraser.  “I look forward to working with him to continue the growth trajectory for First Federal Lakewood.”

According to W. Chas Geiger III, board chair of First Federal Lakewood, “When we formed First Mutual Holding Co. several years ago, we did so with the commitment that preserving the mutual form of banking was important to every community. With Tom’s expanded role as CEO of the holding company, we were pleased to find a proven leader in Tim, who shares our commitment to the importance of mutual banking.”

“I’m thrilled to join a community-minded bank like First Federal Lakewood,” said Phillips. “It’s clear to me that the focus on customers, community and employees is at the core of the decision-making. It is a unique business model and culture, and one that will continue to drive success. “

Phillips holds a master’s degree from University of Akron and a bachelor’s degree from Miami University in Oxford, Ohio. He has served as a board member for many civic and community organizations, including the American Red Cross, Medina Creative Housing and the Highland School Foundation. He is a past chair for the Medina Hospital Foundation and is currently a director for the Medina Hospital, a Cleveland Clinic Regional Hospital.

First Federal Lakewood
First Federal Lakewood is the largest independent depositor-owned bank headquartered in Ohio with assets of $1.9 billion. With 18 full-service branch locations and 15 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.

About First Mutual Holding Co.
First Mutual Holding Co. (FMHC) is the largest member-owned mutual holding company of its kind in the Midwest. As a member-owned mutual holding company, 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) and First Mutual Bank (Belpre, OH).