Mutual association


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Mutual association

A savings and loan association organized as a cooperative, with members purchasing shares, voting on association affairs, and receiving income in the form of dividends.

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.
References in periodicals archive ?
The 1994 bombing that leveled the seven-floor Argentine Jewish Mutual Association building in Buenos Aires killed 85 people and wounded 300.
But Jeff Hopkins, chairman of the Polish Welsh Mutual Association based in Llanelli's Bridge Street, said: "The Poles are like the Welsh, there is good and bad among them but generally they are good.
It gives powers to employers that they haven't had since the last century," said Jeff Hopkins, chairman of the Polish-Welsh Mutual Association.
Halina Ashley, of the Polish-Welsh Mutual Association, said: "It is our concern that there are elements coming in that are not desirable.
There is also the October 2006 charge by Argentinean prosecutors against Hizbullah and Iran in the July 18, 1994, bombing in Buenos Aires of the Argentine Israeli Mutual Association which killed 85 people and wounded 300.
Plaid Cymru AM Leanne Wood accused the Labour-run authority of failing to give the facts and a balanced view about suggestions that 11,000 council homes could be transferred next year to a community mutual association run by tenants and councillors.
Almost 90 people were killed and 200 injured in the blast at the headquarters of the Argentine Jewish Mutual Association.
Two new products to enhance the background screening of retail employees are available from United States Mutual Association of Tulsa, Oklahoma.
Biggers of Little Rock recenvly received the Diamond Award for sales achievement during the year ended May 31 at the annual meeting of the Northwestern Mutual Association of Agents.
For a number of Lumbees, the Indian values of kinship and community allowed them to operate the Red Banks Mutual Association (RBMA) from 1938 to 1968.
Under the conversion plan, S will convert from a mutual association to a stock company and all of its newly issued shares will be simultaneously purchased by P (a newly formed holding company) using a portion of the initial stock offering proceeds raised by P from its shareholders.
In Argentina, the July 1994 bombing of the Argentine Israeli Mutual Association (AMIA), killed 86 people and wounded 120, mainly Jewish, victims.