A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, that is owned by its members who subscribe to a common fund. From this fund claims, loans, etc., are paid. Profits after deductions are shared between the members. The institution is intended to provide a safe place for individual members to save and to invest those savings in mortgages, loans, stocks, bonds and other securities and to share in any profits or losses that result. The members own the business.
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Famous quotes containing the words mutual and/or bank:
“Of course I lie to people. But I lie altruistically—for our mutual good. The lie is the basic building block of good manners. That may seem mildly shocking to a moralist—but then what isn’t?”
—Quentin Crisp (b. 1908)
“What’s breaking into a bank compared with founding a bank?”
—Bertolt Brecht (1898–1956)