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A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, owned by its members who subscribe to a common fund. From this fund, claims, loans, etc., are paid.
The company was founded in 1863 as the Haarlem Savings Bank by a group of local merchants as a community-based mutual savings bank. Harlem at the time was a suburban village - it was not part of New York City until 1873 - and the bank's first location on 3rd Avenue between 125th and 126th Streets was surrounded by farms and undeveloped lots.
A mutual bank is a cooperative financial institution owned by its depositors or customers. They include mutual organization , mutual savings banks and cooperative banking . Unlike traditional banks , which prioritize shareholder profits, mutual banks focus on serving their members' interests. [ 1 ]
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. . While the terms "S&L" and "thrift" are mainly used in the United States, similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings b
The bank was chartered as Savings Bank of Ridgewood on June 18, 1921. It began when 14 local businessmen in Ridgewood, Queens decided to form a mutual savings bank to serve the needs of the community. The Bank's first headquarters was a converted Taproom located at the intersection of Myrtle and Forest Avenues. [2] In 1929, the cornerstone was ...
Dime Community Bank first opened in Brooklyn on June 1, 1864. Founded by William Grandy, Dime was established as a mutual savings bank serving the growing immigrant and low-income populations in the area.
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