Mutual Savings Bank

A mutual savings bank is a monetary organization chartered by a state or federal government to provide a safe place for persons to save and to invest those savings in mortgages, loans, stocks, Bonds and other securities.

In America, most joint 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.