CINCINNATI, Sept. 9, 2024 — Warsaw Federal Savings & Loan (“Warsaw Federal”), a Minority Depository Institution (“MDI”) and mutual bank affiliated with First Mutual Holding Co. (“FMHC”), today announced the initial closing with five bank investors in its ongoing $5.0 million private placement (the “Offering”) of 8.00% non-cumulative Additional Tier 1 Capital Instruments (the “Instruments”). The price for the Instruments was 100% of the principal amount of the Instruments. The Instruments are intended to qualify as Tier 1 capital for regulatory purposes. Warsaw Federal intends to use the net proceeds from the sale of Instruments to deepen its commitment to the communities it serves by providing focused financial services, tools and education to promote economic opportunity and financial equity.
“We are very pleased to announce the initial closing of our Additional Tier 1 Capital Offering. The new capital will provide support for the growth that we envision for our organization,” said Robie K. Suggs, president and CEO of Warsaw Federal. “It is an exciting time for us and we’re incredibly enthusiastic about our future. As a mutual we’re taking a measured and thoughtful approach in our transition to an MDI. We’re building trust and employing patience to design our offerings alongside our community members so we can deliver an impactful experience. This offering will help us continue to grow our impact – now and in the future.”
“MDIs and mutual banks play a vital role in today’s financial services landscape. As community assets, we can connect in ways other banks cannot. We help remove the trust barrier as the only community we serve is our customers,” said Thomas J. Fraser, CEO of FMHC. “Bank and community support of mutual MDIs like Warsaw Federal should be a priority as it helps us all amplify the creation of healthy and vibrant communities.”
Luse Gorman, PC is serving as legal counsel to the Warsaw Federal in the Offering.
About Warsaw Federal Savings and Loan Association
Warsaw Federal Savings and Loan Association is an independent mutual bank and Minority Depository Institution based in Cincinnati, Ohio. The Company operates two branch locations, providing banking products and services to individuals and businesses in greater Cincinnati and the surrounding communities. warsawfederal.bank
About First Mutual Holding Co.
First Mutual Holding Co. is a member-owned mutual holding company headquartered in Ohio. FMHC provides a structure that allows independent affiliate banks to continue to serve their communities and grow as member-owned institutions. Affiliate banks of FMHC include First Federal Lakewood (Lakewood, OH), First Mutual Bank FSB, (Belpre, OH), Blue Grass Federal Savings and Loan (Paris, KY), Warsaw Federal Savings and Loan (Cincinnati, OH) and Martinsville First Savings Bank (Martinsville, VA). firstmutualholding.com
Forward-Looking Statements
This Press Release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, the Company and the Bank. Forward-looking statements are identifiable by words or phrases such as “believe,” “cost-effective,” “envision,” “thrive,” “intend” and variations of such words and similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. The Company undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Media contact:
Jennifer Raynor
First Mutual Holding Co.
216-280-9146
SOURCE Warsaw Federal
