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.
Read more about Mutual Savings Bank: History, Use and Design
Famous quotes containing the words mutual and/or bank:
“Then, anger
was a crease in the brow
and silence
a catastrophe.
Then, making up
was a mutual smile
and a glance
a gift.
Now, just look at this mess
that you’ve made of that love.
You grovel at my feet
and I berate you
and can’t let my anger go.”
—Amaru (c. seventh century A.D.)
“on a May morwening upon Malverne hilles
Me befel a ferly, of fairye me thoughte;
I was wery ofwandred and wente me to reste
Under a brod bank by a bournes side;
And as I lay and lenede and lookede on the watres,
I slomerede into a sleeping, it swyede so merye.”
—William Langland (1330–1400)