Pennsylvania Plan of Conversion from state stock savings bank to federal stock savings bank
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How to fill out Plan Of Conversion From State Stock Savings Bank To Federal Stock Savings Bank?
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FAQ
Mutual banks are owned by their borrowers and depositors. Ownership and profit sharing are what differentiate mutual banks from stock banks, which are owned and controlled by individual and institutional shareholders that profit from them.
In stock companies, profitability is allocated to shareholders in proportion to the total amount of stock held, and this is in contrast to an MSB, where profits are allocated to depositors based on how much business they conduct with the MSB (through deposits and loans).
No Direct Ownership Instead, mutual banks are owned by their depositors and do not have capital stock or stockholders. And while these banks are owned by their depositors, their depositors are neither stockholders nor members, and have no vote in how the bank operates.
Federal savings associations (also called "federal thrifts" or "federal Savings Banks"), in the United States, are institutions chartered by the Office of Thrift Supervision which is now administered by Office of the Comptroller of the Currency after the agencies merged.
Today, it's quite common for both institutions to offer the same services. The primary difference is in how they're operated: MSBs are depositor-owned, while commercial banks are shareholder-owned.
Mutual savings banks also have several disadvantages including being too conservative at times, having no member control, and having the possibility of being acquired or going public.