mutual savings bank

(redirected from Mutual Savings Associations)
Also found in: Dictionary, Thesaurus.
Related to Mutual Savings Associations: mutual savings bank

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 ?
The Mutual Savings Association Advisory Committee is a valuable forum to discuss a broad range of issues and concerns unique to the mutual thrift industry, said Comptroller of the Currency Thomas J.
The OCC is seeking nominations of officers or directors of OCC-regulated mutual savings associations, or officers or directors of federal stock savings associations that are part of a mutual holding company, to be considered for selection as MSAAC members.
The Office of the Comptroller of the Currency (OCC) is seeking nominations for members of its Mutual Savings Association Advisory Committee (MSAAC).