mutual savings bank

American  

noun

1. a noncapitalized savings bank that distributes its net earnings to depositors.

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mutual savings bank British  

noun

1. 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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Example Sentences

A similar action was taken decades ago on mutual savings banks.

From The Wall Street Journal

The Boston-based mutual savings bank used to take three or four weeks to process loan requests as employees gathered information, ticked off long checklists and filled out dozens of data fields from paper forms.

From The Wall Street Journal

Q: You couldn't do much with mutual savings banks?

From US News

In the US, mutual savings banks see their customers as "members" but they don't allow them a say in what goes on.

From The Guardian

The lender is a mutual savings bank with $1.5 billion in assets and no direct owners.

From Reuters