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Mutual Savings Bank
(redirected from Savings association)

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia, Hutchinson 0.01 sec.
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.


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Once an account has been open for a year, a savings association may increase the rate for new transactions by providing a 45-day advance notice, as required by Regulation Z.
The number of savings association offices also declined, but less sharply than the number of institutions (less than 12 percent, from 15,637 in 1995 to 13,903 in 2007).
Meanwhile, in his legal opinion issued the same day as the circuit court injunction, OTS Chief Counsel John Bowman noted the county law would infringe on the mortgage lending activities of federal savings associations in contravention of federal law.
 
 
 
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