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 ?
McKinley Mutual Savings Bank was founded in Fairbanks in 1965 to provide a local alternative for home mortgages.
McKinley Mutual Savings Bank has never had a money-losing quarter, even when tumbling real estate prices caused crises for bigger banks.
Before moving to Lortech, he headed Mutual Thrift Service Center, Albany, a financial services bureau for thrift agencies and mutual savings banks.