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MUTUAL 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. During the late 1980s and 1990s many of them, including Richard Parsons's Dime Savings Bank demutualized.
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