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mutual savings bank

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mutual savings bank

n

(Economics, Accounting & Finance / 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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Noun

1.

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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