a state-chartered savings bank owned by its depositors and managed by a board of trustees. Abbreviated MSB.

A savings bank organized under state charter for the ownership and benefit of its depositors.

A savings bank originated in the New England states in which the depositors place their savings with the right to borrow money for home loans. There are no mutual savings banks in California.

A savings bank that is owned by, and operated for the benefit of, its depositors.

An institution owned by its depositors, as evidenced by certificates of deposit rather than stock. These institutions are active in long term real estate financing, as opposed to commercial banks, which concentrates more on short term loans.

Banks which accept deposits primarily from individuals and place a large portion of their funds into mortgage loans. These institutions are prominent in many of the northeastern states. Savings banks generally have broader asset and liability powers than savings and loan associations but narrower powers than commercial banks. Savings banks are authorized to offer checking-type accounts.

A bank whose depositors own it. Although a credit union member s own the credit union, the two institutions differ in many ways. They have different charters and are subject to the regulation of different government organizations. Furthermore, the board of directors of a mutual savings bank are paid (compared to a credit union's volunteer directors) and the owners of a mutual savings bank have voting rights in proportion to the amount of money on deposit (compared to the one-member-one-vote practice of most credit unions).

National Bank National Credit Union Administration

A mutual savings bank is a financial institution chartered through 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.