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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
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.
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.
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.

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