mutual savings bank

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Definitions from WordNet

Noun mutual savings bank has 1 sense

mutual savings bank, MSB - a state-chartered savings bank owned by its depositors and managed by a board of trustees
--₁ is a kind of savings bank

Definitions from the Web

Term: Mutual Savings Bank

Description:

A mutual savings bank is a financial institution that operates as a type of mutual company, where its depositors are its shareholders. These banks are typically community-based and owned by their depositors, focusing on offering competitive deposit accounts, loans, and other financial services.

Senses and Usages:

Sense 1:

As a financial institution:

Noun: A type of bank owned by its depositors, providing various financial services.
Example Sentence: I decided to open an account at the local mutual savings bank due to its reputation for good customer service.

Sense 2:

As a community-based organization:

Noun: An institution focused on serving and reinvesting in the local community.
Example Sentence: Our mutual savings bank organizes free financial literacy workshops for residents in the neighborhood.

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