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 ?
Instead of shareholders, depositors own both the mutual banks of Dollar Bank and Bank @Lantec.
million) as of February 2013, Finbond Mutual Bank is a small South African financial institution, primarily providing short-term unsecured loans to low-income earners.
The board of directors of Har-Co Federal Credit Union has asked for members' opinions about converting itself into a mutual bank.
As a mutual bank, he told the newspaper, "we don't have to worry about Wall Street, and that's a big difference," he said.
Australia-based Teachers Mutual Bank, considered to be one of the biggest mutual lenders in the nation, has said that it has made changes to interest-only loans.
The five-year term can provide stability as interest rates begin to rise, said Mark Middleton, National Manager of Third Party Distribution at Teachers Mutual Bank, Despite a long period of interest rate stability, the future remains unpredictable.
Regulators have approved Mecu Ltd as the first mutual bank in Australia.
Global Banking News-June 15, 2011--Think Mutual Bank selects solution from Jack Henry(C)2011 ENPublishing - http://www.