Lakewood, Ohio-based First Federal Lakewood is acquiring First Federal Savings & Loan Association of Centerburg..The merger is expected to close in the first quarter of next year. The combined organization will continue operating as a depositor-owned mutual institution.Founded in 1935, First Federal Lakewood is headquartered in suburban Cleveland and has $3 billion in assets along with 20 branches and three mortgage offices across Ohio. Established in 1934, First Federal of Centerburg is in the central part of the state and has $22.5 million in assets.Following the merger, First Federal of Centerburg will adopt the First Federal Lakewood name, and is expected to offer customers expanded banking products, better services and access to modern technology.“We are thrilled to continue the shared values of mutuality and community commitment that have defined both institutions for nearly a century,” said Tim Phillips, president and CEO of First Federal Lakewood. First Federal Lakewood plans to establish a $250,000 Centerburg Community Investment Fund.
