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Mutual Savings Bank

Mutual Savings Bank
A mutual savings bank is a financial institution acquired by a state or federal government to furnish a safe place for individuals to save and to invest those protections in mortgages, loans, stocks, bonds and other safeties. A savings bank that is possessed by and functioned for the benefit of, its depositors.

These first savings banks were seeing as philanthropic attempts, planned to uplift the poor and functioning classes. The banks were began by donors, who took on the postures of savings bank trustees, managers, and directors as chances to teach the running class the virtues of thrift, and self-reliance by granting them the safety to save their money.

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