mutual savings bank


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Related to mutual savings bank: savings and loan association

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 ?
Saslaw said the compromise bill was a substitute that would give CU members "ample opportunity" to comment on a conversion plan and for them to receive notice of the proposal to change their credit union to a mutual savings bank.
I think the trades made a fundamental error in opposing conversions to mutual savings bank charters.
On October 5, 2018, Dollar Bank members approved its proposal to reorganise from a mutual savings bank to a mutual holding company format.
"However, as explained below, it does include authority for a California credit union to engage in a purchase and assumption transaction with a federal mutual savings bank by which it would transfer all (or substantially all) of its assets and liabilities to the federal mutual savings bank (P&A).
She said she was "confident that there is an existing platform in place for future growth and a continued focus on the bank's mission as a mutual savings bank, giving back to the communizes it chooses to serve."
Mutual savings banks are community-based institutions that don't have shares to sell and are not traded like public companies, said Bruce E.
* Converting to a mutual savings bank is not inherently evil.
PITTSBURGH: The members of Dollar Bank approved its proposal to reorganize from a mutual savings bank to a mutual holding company format, with 96% of voting members approving the transaction.
Brentwood Bank, a wholly-owned subsidiary of Mutual Holding Company of Western Pennsylvania (MHC), and Union Building and Loan Savings Bank, West Bridgewater, Pennsylvania, a mutual savings bank, have jointly said that they have completed the merger of Union with and into Brentwood, with Brentwood as the surviving bank.
A third-party recordkeeper is defined as any (1) mutual savings bank, cooperative bank, domestic building and loan association, or other savings institution chartered and supervised as a savings and loan or similar association under Federal or state law, or bank or credit union, (2) consumer reporting agency, (3) person extending credit through the use of credit cards or similar devices, (4) broker, (5) attorney, (6) accountant, (7) barter exchange, (8) regulated investment company (RIC) and agent of such RIC when acting as an agent thereof and (9) enrolled agent.
Bedtbrd Avenue, a 3,000 s/f former bank space, was leased to Community Mutual Savings Bank.The Master Tenant is CVS/Caremark Corp., which occupies approx 15,000 s/f adjacent to the bank.
He joined Meredith Village Savings as president and chief executive in 1998, eventually presiding over a mutual savings bank with assets of more than $500 million and 200-plus employees.