Economic Definition of mutual savings bank. Defined.
Offline Version: PDF
Term mutual savings bank Definition: A non-profit depository institution, primarily operating in the eastern part of the United States, that was established to provide low-cost mortgage loans to members using member savings. However, they have expanded their activities and now provide most of the services of traditional banks, including checkable deposits.
Permalink: https://glossary.econguru.com/economic-term/mutual+savings+bank