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| Mutual Federal Savings Bank of Plymouth County |
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History:
Deeply Rooted in Our Communities, Firmly Committed to Our Customers
Today's Mutual Bank is built on the heritage, history, and fabric of Southeastern Massachusetts. The bank was founded on the strength of a simple idea: that local people and their businesses are best served by a local bank, with local interests at heart. For that reason, Mutual Bank was established as a mutual institution, owned by its depositors, instead of by shareholders. Today, more than a century later, the bank is still a mutual institution.
Twenty-nine years after the Pilgrims settled in Plymouth, Myles Standish purchased an area in Southeastern Massachusetts that became known as Bridgewater, containing both the future City of Brockton and the Town of Whitman. The former became the Town of North Bridgewater in 1821, and was renamed Brockton in 1874. The Town of Whitman, originally known as the "Little Comfort" section of Bridgewater, became part of Abington in 1712, and in 1875 became the Town of South Abington. That name was changed to Whitman in 1886.
The area around Brockton and Whitman had become industrialized by the mid to late 1800s, and both towns shared in the area's prosperity, largely based on shoe and leather products, and related industries. Against this backdrop, small groups of local business people in Brockton and Whitman, who had already succeeded at retail, manufacturing, insurance, and other businesses, started local community banks.
On November 27, 1877, The Security Savings Fund and Loan Association of Brockton, later called the Security Co-operative Bank, and subsequently Security Federal Savings Bank, was founded. The Whitman Co-operative Bank, later called The Mutual Federal Savings and Loan Association of Whitman, was incorporated on March 6, 1889.
Both banks weathered the Great Depression of the 1930s, and both converted to federal charters in 1936-37 in order to provide insurance for members' deposits. In subsequent years, a number of full-service branch offices were established in areas that would be convenient for customers and conducive to growth. And both institutions were among the first local banks to embrace innovations in financial products, services, and technology, such as debit cards, online banking, and a web site. Their merger in 2006 was the natural culmination of their decades of service to the area.
There are now nine Mutual Bank locations in Southeastern Massachusetts, stretching from Brockton and Whitman in the north, east to Plymouth, and south to Falmouth on Cape Cod. Guided by Glen S. White, Chief Executive Officer, William J. Morse, President , and a fourteen member Board of Directors comprised of local business and community leaders, Mutual Bank proudly continues the long-standing tradition of service to its communities and commitment to sound banking practices established by its founders more than a century ago.
Today, the bank offers a wide variety of deposit and loan products, and convenience services, to local families and businesses throughout southeastern Massachusetts. Mutual Bank's dedicated Directors, management and staff, and growing base of satisfied customers, form a strong foundation for continued growth and even greater success. |
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