mutual savings bank

(redirected from Mutual Savings Banks)
Also found in: Dictionary, Thesaurus.

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 $1.2 billion Municipal Employees Credit Union in Baltimore acquired the $62 million Advance Mutual Savings Bank in Baltimore in 2013.
Chang has been regarded as a key witness in the loan scandal that erupted in mid-October after Chung Hyun Joon, a high-tech venture businessman, claimed he had bribed some high-ranking FSS officials for receiving large loans from mutual savings banks.
As a state-chartered mutual savings bank, customer service and the best lending and deposit rates are Mt.
McKinley Mutual Savings Bank was founded in Fairbanks in 1965 to provide a local alternative for home mortgages.
* Converting to a mutual savings bank is not inherently evil.
By comparison, robbers hit banks 1,891 times, savings and loans 37 times and mutual savings banks nine times.
Congress clearly intended for credit unions to have the option to convert to a mutual savings bank charter.