Mutual Savings Banks like The Peoples Savings Bank differ from most banks because the bank is designed primarily to protect the interests of the depositors with secure investments. Quite simply stated, a mutual bank has no stockholders.That means mutual banks are only responsible to customers because customers own the bank with their deposits and investments, securing the long-term TPSB operating strategy.
When a mutual bank makes a profit above and beyond operating costs and general upkeep, those profits are re-invested back into the bank to secure the long-term banking interests of those same customers. Mutual banks are generally conservative by nature because they are beholden to their clients and committed to protecting wealth.
Without stockholders, TPSB makes local banking decisions without the influence of stockholders -- who may not be customers. In other words, mutuality means accountability to our depositor base. All banking decisions by TPSB management are driven by the best interests of the customer.
Mutuality also means your deposits and loans have greater influence on others like yourself. Without stockholders to appease and dividends to pay, TPSB can re-circulate more of your money back into the community by completely bypassing those third parties who funnel a significant portion of it to themselves.
Doing business at a local community mutual savings bank like TPSB guarantees that your business transactions stay local, your dollars stay local, and your influence to help others achieve their financial dreams remains with your family, friends, and neighbors.
The Peoples Savings Bank is proud to have remained faithful to its founding ideals for 126 years. In doing so, TPSB continues to strive to exceed your financial service expectations by remaining a local, mutual bank.