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.