Mutual savings bank
Encyclopedia : M : MU : MUT : Mutual savings bank
A mutual savings bank is a financial institution chartered by a state or federal government to provide a safe place for individuals to save and to invest those savings in mortgages, loans, stocks, Bonds and other securities.
In America, most mutual savings banks are located in the Northeast, and are owned by their depositors and borrowers. A mutual savings bank does not issue capital stock. Profits are distributed to the owner/customers in proportion to the business they do with the institution.
See also
- Cooperative banking
- Credit union
- Mutual organization
- Building Society
External links
- http://www.ots.treas.gov/glossary/gloss-m.html
- http://www.census.gov/hhes/www/rfs/glossary.html
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