05/01/2025
Jackson Federal Savings and Loan Association will be acquired by Worthington Federal Savings Bank.
The two parties, along with the parent holding companies of Jackson Federal, have signed a definitive merger agreement, stipulating Jackson Federal will merge with and into Worthington Federal immediately following the dissolution of Jackson Federal’s parent holding companies. The transaction is subject to regulatory approval and a vote of the members of Jackson Federal’s parent mutual holding company.
The merger is expected to result in a combined institution with nearly $132 million in assets under the Worthington Federal name and charter. Jackson Federal customer accounts and loans will become accounts and loans of Worthington Federal as a result of the transaction.
Rocky Sieler, president of Jackson Federal, said the merger with and into Worthington Federal will allow Jackson Federal customers to gain access to additional products and service offerings at the larger institution.
“Worthington has a proud history, an excellent reputation and shares our core values and commitment to community,” Sieler said Monday. “The merger will allow us to continue to deliver great customer service while providing our customer 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, Jackson Federal has $29 million in total assets and a long history of community involvement.
Sieler said there will be no changes to existing customer accounts at Jackson Federal during the transaction. Once the transaction is complete, the existing Jackson Federal location will operate as a Worthington branch, with its systems and suite of products and services.
Chad Nixon, president and CEO of Worthington Federal, said the acquisition of Jackson Federal presents Worthington Federal with an opportunity to increase size and scale.
“We care about the customers and communities we serve, and we look forward to being part of the Jackson community,” he said.
Worthington Federal is a mutual institution and Jackson Federal account holders possessing membership interests in Jackson Federal’s mutual holding company will become members of Worthington Federal following the transition of their accounts.
The timing of the completion of the transaction is unknown, though the parties hope it will occur during the third quarter of 2025.
