Worthington Federal Savings Bank to merge with Jackson Federal Savings and Loan Association
- Radio Works
- 14 hours ago
- 2 min read
Jackson Federal Savings and Loan Association (JFSL) of Jackson and Worthington Federal Savings Bank, f.s.b. of Worthington jointly announce today that they -- along with the parent holding companies of Jackson Federal Savings and Loan -- have signed a definitive merger agreement by which JFSL will merge with and into Worthington immediately following the dissolution of JFSL's parent holding companies.
The transaction is subject to regulatory approval and the vote of the members of JFSL's parent mutual holding company. The merger will result in a combined institution with nearly $132 million in assets under the Worthington name and charter. JSFL customer accounts and loans will become accounts and loans of Worthington as a result of the transaction and JFSL customers will gain access to additional products and service offerings at the larger institution.
Said Rocky Sieler, president of JFSL, in a press release: "Worthington has a proud history, an excellent reputation and shares our core values and commitment to community. The merger will allow us to continue to deliver great customer service while providing our customers with the benefits of a larger institution. We are confident that our customers will be thrilled with the services that Worthington will be able to offer."
Founded in 1892, JFSL has $29 million in total assets and a deep history of involvement in the Jackson community. Sieler said there will be no changes to existing customer accounts at JFSL during the transition. Once the transaction is complete, the existing JFSL location will operate as a Worthington branch, with its systems and suite of products and services.
Said Chad Nixon, president and CEO of Worthington Federal Savings Bank: "The acquisition of JFSL presents us with an exciting opportunity to increase our size and scale. We care about the customers and communities we serve and we look forward to being part of the Jackson community."
Worthington is a mutual institution, and account holders of JFSL possessing membership interests in JFSL's mutual holding company will become members of Worthington following the transition of their accounts. The timing of the completion of the transaction is unknown, but the parties hope that it will occur during the third quarter of 2025.
