September 15, 2020

On September 11, 2020, Martinsville First Savings Bank, a savings bank headquartered in Martinsville, Virginia (“Martinsville”), and First Mutual Holding Co., a mutual holding company headquartered in Lakewood, Ohio (“First Mutual”), announced the signing of a definitive merger agreement pursuant to which First Mutual will acquire Martinsville and hold it as a separate bank subsidiary.

Luse Gorman is serving as legal counsel to Martinsville in the transaction.  The Luse Gorman team consists of Kip A. Weissman, Benjamin M. Azoff and Max Seltzer.

Martinsville is a federal mutual savings bank with approximately $40.0 millionin total assets.

First Mutual is the federal mutual holding company of First Federal Lakewood, First Mutual Bank, Warsaw Federal Savings and Loan Association and Blue Grass Federal Savings and Loan Association with approximately $2.3 billion in total assets.

Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.