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 ?
As an independent mutual bank, we make decisions to benefit our communities and our customers -- not shareholders.
He added, As a mutual bank we are committed to providing competitive interest rates on all of our products, and our 4 and 5 year fixed home loans are no exception.
As a mutual bank, he told the newspaper, "we don't have to worry about Wall Street, and that's a big difference," he said.
Tom Floyd, senior vice president and chief operating officer for Think Mutual Bank, said, 'As our business strategy has evolved, we knew we needed to replace our proprietary system with a feature-rich technology platform that would enable us to deliver competitive financial products and services to the marketplace more quickly, support our growing commercial banking segment, and better position our bank to respond to regulatory changes.
The study revealed that the total estimated cost to the FDIC of failure of mutual banks was under $300 million as compared with $50 billion for all other banks since 1998.
Pursuant to the receivership, FDIC has entered into a purchase and assumption agreement with United Central Bank, Garland, Texas, to assume all of the deposits of Mutual Bank.
was merged into MutualFirst's bank subsidiary, Mutual Bank.
CHATSWORTH - Los Angeles police identified five men arrested in connection with Tuesday's armed robbery at a Washington Mutual bank branch.
and Merrill Lynch Credit Corporation (MLCC), respectively, while series 2004-A3 mortgage loans were originated or acquired in accordance with the underwriting guidelines of Countrywide and series 2004-A4 mortgage loans were originated by Washington Mutual Bank, FA in accordance with the Washington Mutual underwriting guidelines.
State regulators have closed Harvey, Illinois-based Mutual Bank, the fifth and largest bank to fail, on July 31.
Washington Mutual Bank will be expanding its regional operations into 333 East Butterfield Road, one of two office buildings in Unisys Center.
Two dozen members of the Canyon High School Madrigal Singers - decked out in gowns and tuxes - serenaded the Washington Mutual Bank teller at lunchtime Monday.