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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The purpose of the MSAAC meeting is to advise the OCC on regulatory changes or other steps the OCC may be able to take to ensure the continued health and viability of mutual savings associations and other issues of concern to mutual savings associations.
The OCC is seeking nominations of officers or directors of OCC-regulated mutual savings associations, or officers or directors of federal stock savings associations that are part of a mutual holding company, to be considered for selection as MSAAC members.
The MSAACs role includes assessing the condition of mutual savings associations, regulatory changes or other steps the OCC may take to ensure the health and vitality of mutual savings associations, and other issues of concern to these institutions.

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