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2026-07-01
LAKEWOOD, Ohio, July 1, 2026 – First Federal Lakewood today announced the closing of its acquisition of First Federal Savings & Loan Association of Centerburg (First Federal of Centerburg), following First Federal of Centerburg depositor and regulatory approvals.
The merger brings together two long-standing mutual institutions that share a commitment to customer service, community impact and relationship-based banking.
“Today marks an important milestone for both of our organizations as we welcome First Federal of Centerburg customers and employees to First Federal Lakewood,” said Timothy E. Phillips, President and CEO of First Federal Lakewood. “First Federal Lakewood will build on First Federal of Centerburg’s legacy of exceptional service, expand access to more banking products, and continue to foster a strong commitment to the Centerburg community.”
The Centerburg branch will continue operating from its current location and will officially begin serving customers as First Federal Lakewood on August 11, 2026.
“This merger allows us to preserve the community banking values and commitment to mutual banking that have long defined First Federal of Centerburg,” said Terry Bumpus, President and CEO of First Federal of Centerburg. “First Federal Lakewood shares our values, and I am excited about the expanded opportunities we can offer our customers and the Centerburg community.”
In the coming weeks, First Federal Centerburg customers will receive additional information regarding account updates, important transition dates and the expanded products, services and digital banking capabilities that will become available on August 11.
For more information about the transition, visit FFL.bank/FFC.
Luse Gorman, PC acted as legal advisor to First Federal Lakewood in the transaction.
Critchfield, Critchfield, and Johnston acted as legal advisor to First Federal Centerburg in the transaction.
About First Federal Lakewood
First Federal Lakewood is Ohio’s largest independent depositor-owned bank, serving consumers and businesses through a network of branch locations across Northeast Ohio and Central Ohio. Since 1935, First Federal Lakewood has remained committed to helping customers, businesses and communities thrive through relationship-based banking and local decision-making.
About First Federal of Centerburg
Since 1934, First Federal of Centerburg with assets of $22.5 million has served as a trusted mutual bank, focused on meeting the financial needs of its customers and community. As a depositor-owned institution, 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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