Number and distribution of mutual savings banks

The number of mutual operating today is small- less than 500. Moreover, the savings bank population has been on the decline through most of this century. For example, in 1990 there were 626 mutual operating in the United States, and the total number rose to a peak of 637 in 1910. Thereafter, a progressive decline set in until the number of savings banks totaled only 463 at year-end 1979.
Nevertheless, industry assets and deposit have grown quite rapidly. In 1950 total assets of all mutual stood at $22 billion, but at year-end 1980, industry assets had reached almost $172 billion. Of course, with declining numbers and rapidly expanding assets, the average size of mutual savings banks has grown tremendously and now exceeds $300 million in total assets. Thus, the average mutual savings bank is far larger than most credit unions, savings and loan associations, or even commercial banks. This increase in average size has aided mutual in offerings a greater variety of services and in keeping their operating costs low.
Mutual savings banks are not evenly distributed across the United States but rather are located primarily in New England and the Middle Atlantic States. For example, Massachusetts leads the list with 163 mutual operating as of year-end 1979, followed by New York with 112. other states which have mutual headquartered within their borders include Alaska, Connecticut, Delaware, Indiana, Maine, Maryland, Minnesota, New Hampshire, New jersey, Oregon, Pennsylvania, Rhode Island, Vermont, Washington, and Wisconsin.