Ohio mutual names new CEO

Thomas Fraser, president and CEO of First Federal Lakewood in Ohio, announced he is stepping down from those roles.

Fraser is succeeded by Timothy Phillips, formerly the president of Westfield Bank in Westfield Center, Ohio, the $1.8 billion-asset First Federal said Monday.

Fraser will now focus on serving as CEO of the bank’s holding company, First Mutual Holding. First Federal created its holding company in 2015 as a way to acquire mutual institutions and preserve their depositor-owned structures. Since then it has acquired two small mutual thrifts in Ohio and West Virginia and merged them to create First Mutual 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,” Fraser said in a press release. “I look forward to working with him to continue the growth trajectory for First Federal Lakewood.”

First Federal has also tried to be on the cutting edge of technology. It is one of the founders of an Ohio-based fintech accelerator and has invested in Numerated Growth Technologies, a commercial lending platform.