mutual savings bank

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Mutual savings bank

A state-chartered savings bank which is owned by its depositors and managed by a fiduciary board of trustees.

Mutual Savings Bank

A savings and loan association that has no stockholders and, as a result, reinvests all profits in itself. Most mutual savings banks are owned by their depositors and borrowers. Because there are no stockholders to please, mutual savings banks are often very conservative with how they invest deposits. As a result, they tend to survive periods of financial distress relatively well. This was especially true during the Great Depression. In the United States, most mutual savings banks are in the Northeast.

mutual savings bank (MSB)

A deposit-gathering thrift institution that chiefly makes mortgage loans. Mutual savings banks, typically located in the northeastern states, are organized much like savings and loan associations. MSBs are technically not depositor-owned, although all are state-chartered. Also called savings bank.
References in periodicals archive ?
PLANO, Texas, June 2 /PRNewswire-FirstCall/ -- The Office of Thrift Supervision (OTS) has appointed Gary Base, president and CEO of Plano-based ViewPoint Financial Group and its subsidiary ViewPoint Bank, to a two-year term on its Mutual Savings Association Advisory Committee.
MCSB converted from a mutual savings association to a mutual savings bank in December 1992 and then converted to the stock form of ownership in June 1993.
of Louisiana (the "Company") announced today that it has completed its community offering to members of the general public as of 12:00 noon, Central Time, on December 28, 2004 in connection with the reorganization of Home Federal Savings and Loan Association (the "Association") from a mutual savings association into the mutual holding company form of organization.
of Louisiana (the "Company") announced today that it has completed its subscription offering to depositors and borrowers has commenced its community offering in connection with the reorganization of Home Federal Savings and Loan Association (the "Association") from a mutual savings association into the mutual holding company form of organization.
Another mutual savings association, Ohio Central Savings (OCS), was the first MPP partner and joined the program in February of last year.
Kish has served as Great American Federal's Chairman since 1990 and as Chief Executive Officer since 1996, when the bank was converted from a mutual savings association into a publicly held company whose stock is traded on the American Stock Exchange (Amex: GAF).