First Federal of Lakewood CEO Stepping Down

After 27 years with First Federal of Lakewood, CEO Gary Fix is retiring at the start of 2013.

Thomas Fraser, the bank’s executive vice president and chief operating officer, is expected to replace him.

Fix, who’s held the CEO post since 2005, has overseen the bank’s “significant growth,” including the purchase of Century Bank, and growing the number of full-service branches to 18.

Fix has also recorded 19 consecutive quarters of profitability while assets increased to $1.3 billion, according to a news release. 

Just last month, First Federal of Lakewood announced that it was expanding into 13,000 square feet on two floors at Lakewood Center West.  

And it’s added some jobs along with the expansion.

Fraser said that First Federal has gone from 205 employees (company-wide) in 2010 to 340 this year. 

Approximately 190 of those jobs are in Lakewood, and more positions will be added during the next year. 

The local bank is now among the city’s top employers, just behind Lakewood Hospital and Lakewood City Schools. 

“All of these positive growth initiatives were achieved while the financial sector of the economy was experiencing the worst contraction since the great depression and we thank Gary Fix for the numerous and valuable contributions he has made,” said Ronald W. Dees, chairman of the First Federal Board of Directors.

Fraser, who was appointed a director of the company in June, is set to take the helm in January.

“Fraser has worked closely with Fix over the last couple of years and we are confident that this leadership transition will be seamless,” said Dees. “The First Federal board extends its congratulations and best wishes to Gary and Tom.”