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 ?
As an independent mutual bank, we make decisions to benefit our communities and our customers -- not shareholders.
First Federal Lakewood is the largest independent mutual bank headquartered in Ohio with assets of nearly $1.
Photo: (1 -- 2 -- color) Sheriff's deputies, above, take photographs of the bag of money dropped by the man who robbed Washington Mutual Bank on Wednesday.
America's Mutual Banks is a association of like-minded mutuals dedicated to preserving and advancing the mutual banking form.
Date: March 22, 2012 Subject: Talking Points for America's Mutual Banks
When America's Mutual Banks was formed we felt a strong united voice to promote the mutual agenda among Federal and State legislators, regulators and other policymakers was needed," said Peter M.