In 2014, Eastern Bank of Boston, the oldest and largest mutual bank
in the country, acquired Centrix Bank & Trust of Bedford.
One can envisage the conversion of a public bank into a popular central bank and the creation of a network of cooperative mutual banks
. The strategy will be based on two pillars, reads this note.
And even though members of the $187 million HAR-CO Federal Credit Union in Bel Air, Md., approved the CU's plans to convert to a mutual bank
, it pulled its application to convert last year.
A week later the headline "Ministry of Finance to upgrade mutual banks
into ordinary banks" appeared in Yomiuri, a major competitor.
Headquartered in Pittsburgh, Pennsylvania, Dollar Bank is an independent mutual bank
with assets of more than USD8bn and operating more than 70 locations throughout Pennsylvania, Ohio and Virginia.
A mutual bank
is a bank that is owned by its depositors, as opposed to shareholders.
Dollar Bank, the biggest independent mutual bank
in the US, on Tuesday has made an announcement on its strategy to buy Bank @Lantec of Virginia Beach.
This regulatory gap is key since under NCUA regulations, one of the first things a state-chartered credit union seeking to convert to a mutual bank
has to provide is a citation to state law or regulation that it has the authority under state law to make the conversion.
IB's and IBI's ratings reflect the group's strong franchise as a central institution for the Italian mutual banks
(BCCs or BCC sector) and its adequately diversified business model.
With its extensive network, built around ten regional mutual banks
and Chaabi International Bank Offshore, BCP has a unique capacity to reach out to industrial SMEs in the Moroccan regions.
The most far-reaching change under the new structure will lead to the joint liability of all mutual banks
for supporting distressed members of the sector, whereas the current support structure is informal and discretionary.
By working with Temenos and utilizing its UXP, Rubik can help Mutual Banks
, Regional Banks and Credit Unions compete and flourish in the digital era.