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

Turning to banking at 45, he became president of the world's largest mutual savings bank in 1931.

From Time Magazine Archive

Union Dime was 100 years old, and over the years it had gone from piggy-bank size to the nation's 15th biggest mutual savings bank with deposits of $485 million.

From Time Magazine Archive

"There was such a crowd on the floor," said the vice president of a New York mutual savings bank, "that for a moment I thought there was a run on the bank."

From Time Magazine Archive

A mutual savings bank in Washington State has issued a card that directly debits a customer's savings account for the amount he charges.

From Time Magazine Archive

The mutual savings bank is a product of the East and promises to remain so in spite of the fact that some of the Western states have very good, if not excellent, savings banks laws.

From Readings in Money and Banking Selected and Adapted by Phillips, Chester Arthur