mutual savings banks

Mutual savings banks are financial institutions that operate without shareholders. Instead, they are owned by their depositors—individuals who put money into the bank. The primary purpose of these banks is to accept deposits and provide loans, typically focusing on home mortgages. Because there are no shareholders to pay dividends, mutual savings banks often offer higher interest rates on deposits and lower fees. They aim to serve the community by promoting saving and affordable lending, making them a key player in local financial services.