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 a result of the conversion merger, Commonwealth converted from a federally-chartered mutual savings association to a federally-chartered stock savings association and immediately merged with and into Town, with Town as the resulting institution.
Under the terms of the agreement, which has been approved by the boards of directors of both institutions, Commonwealth will convert from a federally-chartered mutual savings association to a federally-chartered stock savings association and issue all of its outstanding shares of common stock to Poage.
As a result of the conversion merger, Commonwealth converted from a federally-chartered mutual savings association to a federally-chartered stock savings association and immediately merged with and into Town, with Town as the resulting institution, and Poage sold 166,221 shares of common stock at a price of USD12.73 per share to depositor and borrower members of Commonwealth in a subscription offering and to stockholders of Poage and members of the general public in a community offering.

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