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 ?
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.