Talk:Mutual savings bank

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Mutual holding company

What is the benefit to move from a savings bank form of organization to a mutual holding company form of organizations?

Michael —Preceding unsigned comment added by 64.115.189.66 (talk) 17:56, 5 December 2006

This is probably a question for the reference desk. You may find some information at the Demutualization article. --Hroðulf (or Hrothulf) (Talk) 15:59, 21 October 2008 (UTC)[reply]

what is the difference between a mutual savings bank and a credit union?

what is the difference between a mutual savings bank and a credit union? —Preceding unsigned comment added by 66.28.85.139 (talk) 21:05, 23 February 2007

I agree that this should be addressed in the article. I have recently started reading about the topic. As I understand it, a mutual savings bank (in the U.S.) may not be strictly mutual, in that it is in principle a trustee savings bank, controlled by corporators (members of a statutory corporation) and a board of trustees. I don't think the depositors are free to elect corporators or trustees by majority vote, or to direct policy. Meanwhile, credit union members (all depositors) have a majority vote to elect directors. There are some other differences: state and federal banking laws may offer one or other institution more discretion in funding and lending, appoint different regulators, permit trustees to receive a stipend, for example. However, I don't have good documentation for any of this, so one or more of my assertions may be wrong. You may get some help from this book:

From Buildings and Loans to Bail-outs: A History of the American Savings and Loan Industry, 1831-1995 by David Lawrence Mason ISBN 9780521827546

I don't have any information about other countries.

--Hroðulf (or Hrothulf) (Talk) 15:28, 21 October 2008 (UTC)[reply]

Here is a useful link: http://www.walpolebank.com/mutual.htm

One further difference. Most credit unions will subscribe to some version of the Rochdale Principles, such as WOCCU's 9 operating principles. Mutual savings banks don't have historical links or explicit commitments to the principles.

--Hroðulf (or Hrothulf) (Talk) 18:52, 21 October 2008 (UTC)[reply]

I don't know about mutual savings banks, but the defining characteristic of credit unions is that control is vested in the hands of those who use the institution's services. They must become members, and do this by purchasing a membership share (historically quite a significant amount like a month's income, but recently quite nominal). All members have a single vote at the annual general meeting, where the board is elected by majority vote. Usually only members can serve, though sometimes a token representation of non-members may be added to round out key capacity gaps. Audit committees are usually elected by a separate vote at the annual general meeting, but in some countries are chosen from the board as a whole from its own membership. And unlike savings and loans, credits unions did not melt down in 1995 -- and they're not melting down now. Having stuck to the bread and butter of local financial services, they remained relatively liquid throughout the past month.Brett epic (talk) 14:38, 22 October 2008 (UTC)[reply]

Yes, please add this information to the article (with citations), as well as to the Credit union article. Pgan002 (talk) 09:29, 30 January 2009 (UTC)[reply]

Added sections to the article.

Hi everyone, just to say that I have added sections to the article as per the template header at the top. It is not perfect but I am removing the template header as the article now has sections. Chevymontecarlo. 11:27, 17 April 2010 (UTC)[reply]