mutual savings bank

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mutual savings bank

n
(Banking & Finance) chiefly US a savings bank having no subscribed capital stock and distributing all available net profit to depositors who, however, remain creditors without voting power
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Noun1.mutual savings bank - a state-chartered savings bank owned by its depositors and managed by a board of trustees
savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks
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Instead of shareholders, depositors own both the mutual banks of Dollar Bank and Bank @Lantec.
Our hope is that this type of merger between two mutual banks can be a role model for other mergers with mutual banks in the future.
While 90 percent of mutual banks say they differentiate themselves from their competitors based on their mutuality, many of them express the same concerns as other community banks.