Friday, May 8, 2009

mutual savings banks

mutual savings banks are much like savings and loans, but are owned cooperatively by members with a common interest, such as company employees, union members, or congregation members. Originally they accepted deposits and made mortgage loans. As with savings and loans, recent deregulation allows the approximately 500 mutual savings banks in the U.S. to issue checkable deposits and engage in financial activities roughly on par with other depository institutions .

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