First Federal in Lakewood names new head

Timothy E. Phillips has been named president and CEO of First Federal Lakewood, Ohio.

He succeeds Thomas J. Fraser, who will now focus exclusively on his role as CEO of First Mutual Holding Co., the largest member-owned mutual holding company of its kind in the Midwest, with affiliates that include First Federal Lakewood and First Mutual Bank.

Phillips began in the role June 25. Throughout his more than 25-year career in banking, he has served in leadership roles for financial institutions across Ohio, most recently as president of Westfield Bank, Westfield Center, Ohio.

“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,” said Fraser.  “I look forward to working with him to continue the growth trajectory for First Federal Lakewood.”

Phillips has a master’s degree from University of Akron, Ohio, and a bachelor’s degree from Miami University, Oxford, Ohio. He has served as a board member for many civic and community organizations, including the American Red Cross, Medina Creative Housing and the Highland School Foundation. He is a past chair for the Medina Hospital Foundation and is currently a director for the Medina Hospital, a Cleveland Clinic Regional Hospital.

Thomas Fraser
Thomas Fraser

Fraser also served as executive vice president, chief operating officer and chief lending officer for First Federal. He has more than 25 years of experience in the financial services industry. Prior to his tenure with First Federal Lakewood, he held positions with Westfield Bank and the former National City Bank and was a consultant and senior analyst with Andersen Consulting. He has both a master’s degree and a bachelor’s degree from John Carroll University, University Heights, Ohio.

The $1.9 billion First Federal has 18 branches and 15 mortgage lending offices throughout Ohio.