Mutual Bank Frequently Asked Questions

Who owns the bank?
The depositors are the owners of the bank.

Do depositors have voting rights?
Depositors have voting rights, however in most cases a depositor signs a proxy allowing the Board of Directors to vote for them.

Does the bank have stockholders?
No. As a mutual institution the bank has no stockholders.

How is the bank managed?
The bank is managed by its Board of Directors and its officers

What government agency regulates the bank?
The Office of the Comptroller of the Currency is the banks' primary regulator. The bank is also subject to certain regulations of the Federal Deposit Insurance Corporation which regulates the bank.

Are my deposits insured?
Yes. The basic insured amount of a depositor is $250,000. Deposits maintained in different categories of legal ownership are separately insured. It is possible to have more than $250,000 insurance coverage in a single institution.