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What is a Mutual Bank?

A mutual bank is a financial institution chartered through a state or federal government to provide a safe place for individuals to save locally and for those funds to be invested locally in loans that benefit the entire community.

The first mutuals were envisioned as philanthropic endeavors, designed to uplift the poor and working classes. The banks were started by philanthropists, who took on the positions of savings bank trustees, managers, and directors as opportunities to teach the working class the virtues of thrift, and self-reliance by allowing them the security to save their money. The first incorporated US mutual savings bank was the Provident Institution for Savings, in Boston. Its 1816 charter was the first government legislation in the world to safeguard savings banks.

Mutual savings banks were designed to stimulate savings by individuals; the exclusive function of these banks is to protect deposits, make limited, secure investments, and provide depositors with interest. Unlike commercial banks, savings banks have no stockholders; the entirety of profits beyond the upkeep of the bank belongs to the depositors of the mutual savings bank. Mutual savings banks prioritize security, and as a result, have historically been characteristically conservative in their investments. This conservatism is what allowed mutual savings banks to remain stable throughout the turbulent period of the Great Depression, despite the failing of commercial banks and savings and loan associations.

Del Norte Bank has always been and currently is a conservative, stable part of the community and we look forward to many years of serving our customers with modern banking products. We remain TRUE to the community with a stable financial condition; we are LOCAL because we're owned mutually by our depositors; and after all, we're a BANK offering the many products and services our customers need to succeed in today's demanding world. That's exactly why we're a TRUE. LOCAL. BANK.

 

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Deposit and loan products offered by Del Norte Bank, Member FDIC. Equal Housing Lender.

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