mutual savings bank

noun
a noncapitalized savings bank that distributes its net earnings to depositors.
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World English Dictionary
mutual savings bank
 
n
chiefly (US) a savings bank having no subscribed capital stock and distributing all available net profit to depositors who, however, remain creditors without voting power

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
The state statutes and regulations detail the process for converting from a mutual savings bank to a capital stock bank.
Formation of a mutual holding company by a mutual savings bank.
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