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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.


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Community Mutual Savings Bank announced that Matthew Thomas has joined the Bank as branch manager/ banking officer for the new Mount Kisco office.
Seven percent said they are looking at either merging or a mutual savings bank conversion and 39% said that their credit union is not looking at any of those options.
He joined Meredith Village Savings as president and chief executive in 1998, eventually presiding over a mutual savings bank with assets of more than $500 million and 200-plus employees.
 
 
 
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